Bitwise Bitcoin ETF Trust Joins Top 5% of 2023's ETFs by Asset Under Management
Summary:
The Bitwise Bitcoin ETF Trust (BITB) ranks in the top 5% of 2023 launched ETFs by asset under management (AUM). BITB recorded an inflow of $370 million in assets over four days. This success has been echoed by other newly-launched spot Bitcoin ETFs, which outperformed 500 other 2023 ETFs, tripling their volume to $1.8 billion. Among these, BITB is fourth in terms of AUM, trailing behind BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s FBTC, and Wisdomtree’s BTCW.
The Bitwise Bitcoin ETF Trust (BITB) now ranks within the top 5% of exchange-traded funds (ETF) by asset under management (AUM) that were launched in 2023. Hunter Horsley, Bitwise's co-founder and CEO, revealed on January 18 that BITB had received an additional $68 million used to purchase Bitcoin (BTC). Horsley stated that over the past four days, BITB has seen a total asset inflow of $370 million.
Nate Geraci, the president of ETF Store, an investment advisory firm, announced via a social media post that BITB made it into the 25 largest ETFs in terms of AUM (totaling $355 million) out of over 540 ETFs launched that year. However, currently, BITB's AUM has fallen and is approximately $290 million, based on data from Sprout Finance's ETF tracker.
According to Eric Balchunas, a Bloomberg ETF analyst, the newly-introduced spot Bitcoin ETFs outshone 500 other ETFs launched in 2023 on January 16. While the other ETFs recorded a volume of $450 million that day, the spot Bitcoin ETFs gathered three times more, leading to a total volume of $1.8 billion.
James Seyffart from Bloomberg Intelligence shared data which suggests that the cumulative trading volume across the freshly launched spot Bitcoin ETFs hit $10 billion within the last three days.
BITB holds the fourth position by AUM amidst the recently introduced spot Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust (IBIT) leading with nearly $500 million. Second and third place have been taken by Fidelity’s FBTC, and Wisdomtree’s BTCW, possessing $427 million and $321 million AUM respectively.
Published At
1/18/2024 10:59:19 AM
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