Crypto ETF BITB Surges with $68 Million Inflow, But Faces Volatility Challenges

Crypto ETF BITB Surges with $68 Million Inflow, But Faces Volatility Challenges

Crypto News – Bitwise CEO Hunter Horsley made an exciting announcement on X platform, revealing that BITB had attracted an additional $68 million in investments and used these funds to purchase Bitcoin.

The Bitwise Bitcoin ETF Trust, known as BITB, has now climbed into the top 5% of exchange-traded funds (ETFs) in terms of assets under management (AUM) among those launched in 2023.

On January 18th, Hunter Horsley, co-founder and CEO of asset management firm Bitwise, shared that BITB had received a remarkable $68 million influx of assets in just the past four days. This brought the total assets managed by BITB to an impressive $370 million.

Nate Geraci, President of the investment advisory firm ETF Store, commented on X (formerly known as Twitter) that BITB’s achievement of reaching $355 million in AUM propelled it into the top 25 ETFs out of the 540 launched in 2023, measured by AUM.

However, it’s worth noting that the AUM of BITB experienced a decline and currently hovers around $290 million, as reported by an ETF tracker developed by Sprout Finance.

On January 16th, the newly introduced spot Bitcoin ETFs outperformed 500 other ETFs launched in 2023, according to Bloomberg ETF analyst Eric Balchunas. While the rest of the ETFs registered a combined trading volume of $450 million on that day, spot Bitcoin ETFs collectively recorded an impressive volume of $1.8 billion.

Furthermore, data shared by Bloomberg Intelligence analyst James Seyffart revealed that the overall trading volume of the new spot Bitcoin ETF products surged to $10 billion within the past three days.

Among the recently launched spot Bitcoin ETFs, BITB secures the fourth position in terms of AUM, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the pack with nearly $500 million. Fidelity’s FBTC and Wisdomtree’s BTCW closely follow in second and third place, boasting AUMs of $427 million and $321 million, respectively.