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Bitcoin

Bitcoin heading to 6-figure price, Bitwise CIO says

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Bitcoin’s bullish thesis for trading above $100,000 has only solidified in recent weeks, Bitwise CIO Matt Hougan asserted in a new X post.

Bitcoin (BTC), crypto’s sole trillion-dollar asset, will inevitably cross six figures per coin due to a combination of institutional, macroeconomic, and on-chain factors, Hougan explained.

Exchange-traded fund expert Eric Balchunas stated that U.S. spot Bitcoin exchange-traded funds surpassed $20 billion in total net flows. The American Bitcoin ETF complex has garnered over $65 billion in assets under management following $1.5 billion in inflows this week.

ETFs tracking legacy assets like gold took years to achieve these numbers, according to Balchunas. Bitcoin products reached this milestone within a year, signaling strong demand from retail and institutional investors.

Hougan, along with QCP Capital and other experts, pointed to the upcoming U.S. presidential elections as another catalyst for Bitcoin’s price acceleration. Pro-Bitcoin candidate Donald Trump has led several on-chain betting polls on platforms like Kalshi and Polymarket.

There’s also a growing outlook supporting a strong Bitcoin price performance regardless of which party controls the White House.

Hougan mentioned Bitcoin whale accumulation as another bullish indicator. Data from CryptoQuant confirmed that large Bitcoin holders have been buying the asset at unprecedented rates. CryptoQuant founder Ki Young Ju said that Bitcoin’s open interest hit an all-time high of $20 billion, with new whale wallets now controlling 9.3% of the total supply.

The consensus among crypto proponents expects liquidity to flow into risk assets soon, citing seasonal data, new stock price highs, and global rate cuts by central banks like the Federal Reserve. Historically, Bitcoin has gained in the fourth quarter more often than not, and experts suggest a low-funding rate environment could further support this trend.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Bitwise to acquire assets of Osprey Funds’ Bitcoin Trust

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Crypto index fund manager Bitwise is set to acquire the assets of its rival, Osprey Bitcoin Trust.

Bitwise, the largest crypto index fund manager in the U.S., announced in a press release on Aug. 27 that it has entered into an asset purchase agreement with Osprey Funds to acquire the assets of the Osprey Bitcoin Trust.

While the financial details of the transaction were not disclosed, OBTC unitholders under the terms of the deal will receive BITB shares in a liquidating distribution, with no changes expected for existing BITB holders. According to data from Osprey Funds’ official website, the trust had over $123 million in assets under management as of Aug. 26.

The deal is structured to be tax-free for OBTC unitholders under U.S. federal income tax laws, per the press release. Osprey Funds says further details will be outlined in a registration statement to be filed with the Securities and Exchange Commission. The transaction, which aims to provide OBTC unitholders with equivalent exposure to bitcoin via BITB, is expected to close later this year, pending customary closing conditions.

This acquisition follows Osprey’s earlier announcement regarding its exploration of strategic alternatives to enhance unitholder value, including the possibility of a sale or merger of the Trust.

Bitwise expands with Osprey Bitcoin Trust acquisition

The move to join forces with Bitwise represents a “significant step” forward, Osprey says, adding that the acquisition offers OBTC unitholders the opportunity to “benefit from the scale and expertise of Bitwise.”

The acquisition follows Bitwise’s recent expansion into the European market with the acquisition of ETC Group, a London-based crypto exchange-traded product issuer managing over $1 billion in assets. The deal added nine European-listed crypto ETPs to Bitwise’s portfolio, marking a significant step in its international growth.

Founded in 2019, ETC Group is known for its physical Bitcoin ETP, among other products. Bitwise plans to rebrand all of ETC Group’s offerings under its own name, though no material changes to the existing investment strategies are anticipated.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Bitwise CIO: Bitcoin ETFs breaking records, gaining unprecedented institutional traction

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Bitcoin ETFs are breaking records as the fastest-growing ETFs in history, rapidly attracting institutional investors. 

According to Bitwise CIO Matt Hougan, contrary to the popular belief that retail investors are driving the surge in Bitcoin (BTC) ETF adoption, data shows that institutions contribute significantly to this trend.

Since its launch in January, Bitcoin ETFs have amassed a staggering $17.5 billion in net flows, outpacing previous records held by other ETFs. 

For context with this sentiment, the Nasdaq-100 QQQs, the previous record holder, garnered approximately $5 billion within its first year. Bitcoin ETFs are on track to eclipse this benchmark by a wide margin.

Last quarter, institutional ownership of U.S. spot Bitcoin ETFs increased to 24%, up from 21.4% in the first quarter, despite a 13% decline in total assets under management due to falling Bitcoin prices. 

Notable new institutional investors included Goldman Sachs and Morgan Stanley, contributing to a significant inflow of $2.4 billion during the quarter. Investment advisors’ share of total holdings rose, while hedge fund holdings declined.

Bitcoin ETF Critics 

Despite the phenomenal growth, Hougan says critics remain unconvinced. Critics argue that retail investors mainly drive Bitcoin ETFs with little institutional support. 13F filings show that as of Q2 2024, institutions only hold 21% of Bitcoin ETF assets, with retail investors holding the remaining 79%.

However, Hougan argues that the numbers don’t tell the whole story. By analyzing the top 10 fastest-growing ETFs in history, he highlights that Bitcoin ETFs have achieved unprecedented levels of institutional adoption in terms of the number of institutional holders and total institutional assets under management. 

The Bitwise CIO noted that the only ETF that comes close in comparison is the Nasdaq-100 QQQs, but even that comparison is skewed due to differences in historical data availability.

While the surge in retail interest is undeniable, institutional investors also clearly recognize the value of Bitcoin ETFs, contributing to their record-breaking growth. 

What is a spot crypto ETF?

A spot crypto ETF tracks the price of a specific crypto and invests portfolio funds into that crypto. These funds are traded on public exchanges but generally track a particular crypto. Like similar funds, crypto ETFs are on regular stock exchanges, and investors can keep them in their standard brokerage accounts.

“ETFs are wonderful, in that they can be held by institutions and retail investors alike,” Hougan posted to X. “But don’t let the historic adoption of bitcoin ETFs by retail fool you. They are also gaining institutional traction faster than any other ETF in history.”

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Theo Crypto News

Altcoin

Bitwise pledges to donate 10% of Ethereum ETF

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Bitwise Asset Management said it will allocate 10% of profits from its spot Ethereum ETF toward supporting Ethereum open-source development.

Bitwise, a crypto index fund manager, said in a press release on Monday it would donate some of the profits from its spot Ethereum exchange-traded fund (ETF) to Ethereum developers in a bid to support open-source development.

In the announcement, the Chicago-headquartered firm said it will send 10% of profits of the Bitwise Ethereum ETF to two organizations: Protocol Guild, a funding organization, and PBS Foundation, a non-profit research entity. The asset manager says the donations “have no strings attached” and will be made annually “for at least the next 10 years.”

Bitwise CTO Hong Kim says the firm wants to provide an additional source of funding for “unsung heroes who work tirelessly to improve the Ethereum network’s security, scalability, and usability every day.” In addition to Ethereum, Bitwise earlier also pledged to donate 10% of profits from its spot Bitcoin ETF to Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.

The announcement comes as the U.S. Securities and Exchange Commission (SEC) signed off on spot Ethereum ETF applications from Bitwise Asset Management, BlackRock, and 21Shares among others, paving the way for broader institutional adoption and increased investor access to Ethereum.

As crypto.news reported earlier, the SEC first approved applications for spot Ethereum ETFs at the end of May. However, firms were still awaiting approval for their S-1 filings before trading could officially begin.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Bitwise becomes 1st US ETF to post Ethereum addresses

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Bitwise disclosed several ENS addresses used to store Ethereum tokens for its spot ETH ETF, which launched on Tuesday.

Bitwise became the first U.S. spot Ethereum (ETH) ETF issuer to publish wallets after committing to transparency for its ETHW fund. The wealth manager made a similar move in January when it disclosed public Bitcoin (BTC) addresses for assets underpinning the BITB spot BTC ETF. 

Five addresses assigned Ethereum Name Service (ENS) tags were posted shortly before ETHW and eight other funds started trading. ENS sub-names simplify Ethereum addresses, which are typically long and difficult to read. Instead of an alpha-numeric sequence, the ENS protocol designates a shorter label, such as “abc.eth,” to an address.

Bitwise pledged to add more addresses as the fund grows so users and investors can track its Ether-related activity on-chain. 

“This is the sort of transparency only crypto makes possible. It allows anyone to verify ETHW’s holdings and flows directly on the blockchain, and it lets people easily build public dashboards or write smart contracts that utilize the available ENS records”, an excerpt from the announcement read. 

The update received applause from the ENS protocol. “ETHW is now the most crypto-native ETF,” an ENS tweet on X said. 

Bitwise, competitors hit $361m trading volume in 90 minutes

Nine spot Ethereum ETFs from eight issuers captured over $361 million in trading volume within the first hour and a half of launching. Ether funds boasted over 55% of Bitcoin ETF volume in the same opening hour. 

VanEck’s head of digital asset research, Matthew Sigel, noted that Grayscale’s Ethereum Trust (ETHE) accounted for an estimated 24% of Tuesday’s spot ETH ETF activity so far. Most of the trading seemed to stem from Grayscale selling, but ETF data typically aggregates the following day, meaning a clearer picture should emerge by Wednesday. 

Meanwhile, Ethereum’s market price was unfazed by the news and Wall Street’s trading. Many speculated how Ether might react, either with a price increase or a decline. 

“Predicting whether ETH will skyrocket is challenging. The reality is no one knows, so we can only look at trends and previous price action,” P2P’s CMO Rick Bagshaw told crypto.news via email. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News