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A leading Registered Investment Advisor (RIA) has made substantial investments in Bitwise's Bitcoin and Ethereum ETFs, further cementing the growing institutional presence in the cryptocurrency market.
Major RIA Invests in Bitwise Bitcoin and Ethereum ETFs
A major Registered Investment Advisor (RIA) has disclosed substantial holdings in Bitwise's Bitcoin and Ethereum exchange-traded funds (ETFs), Coingape reports.
This is part of a larger pattern of institutional investors increasingly purchasing crypto ETFs. Even yet, Friday was a very good day for the asset manager's exchange-traded funds (ETFs) tracking Bitcoin and Ethereum.
While appearing on X, Bitwise CEO Hunter Horsley disclosed that the RIA had amassed a substantial amount of Bitcoin ETF (BITB) and Ethereum ETF (ETHW) holdings. Also, the RIA has put money into client portfolios that track the Bitwise 10 Crypto Index (BITW) ETFs.
Record-Breaking Inflows into Bitcoin ETFs
Coincident with record-breaking inflows into Bitcoin exchange-traded funds (ETFs), the most recent announcement appears.
Farside UK data shows that $252 million was a positive movement into Bitcoin ETFs on Friday, August 23. The total for the week now stands at $506.4 million. With the prospect of interest rate reduction from the Federal Reserve drawing near, institutional and individual investors alike have shown a great deal of faith in the cryptocurrency market.
BlackRock Leads with $86.8 Million in Bitcoin ETF Inflows
Notably, 86.8 million BTC ETF inflows were reported by BlackRock, the biggest asset manager in the world, while Fidelity received 64 million.
Bitwise also reinforced its position as a significant participant in the crypto ETF industry, seeing a robust $42.3 million in inflows. Among the other significant participants were Ark Invest ($23.8M), VanEck ($14.4M), and the BTC ETF ($50.8M). On the other hand, $35.6 million was withdrawn from Grayscale's GBTC.
Challenges Persist for Ether ETFs Despite Bitcoin Success
There has been a lot of enthusiasm for Bitcoin ETFs, but things have been tougher for Ether ETFs. There was a net withdrawal of $5.7 million from ETH ETFs on August 23, bringing the weekly total to $44.5 million. The largest withdrawal, $9.8 million, was made by Grayscale's Ethereum Trust (ETHE).
Investors kept pouring money into Bitwise's ETH ETF despite the unfavorable flows generally. A small inflow of $1.4 million was recorded by ETHW, while VanEck's ETHV led the pack with $2 million, indicating optimism from specific market groups.
A wider trend of increased institutional acceptance is seen in the huge inflows into Bitcoin ETFs.
Goldman Sachs Holds $238.6 Million in Bitcoin ETFs
As of June 30, Goldman Sachs had substantial holdings in many Bitcoin ETFs, as revealed in a recent 13F filing. Among the several cryptocurrency assets listed by the bank were $238.6 million in iShares Bitcoin Trust, $79.5 million in Fidelity’s FBTC, and $35.1 million in Grayscale BTC.
Earlier this month, it was also disclosed that Morgan Stanley had 5.5 million shares, worth at $190 million, in BlackRock's iShares Bitcoin Trust. There was investment in Ark 21Shares and ETFs from Grayscale as well.
Chief Investment Officer Matt Hougan of Bitwise adds weight to the fast increase in institutional use.
Institutional Interest Drives Bitcoin ETF Growth
According to a recent thread by Hougan on X (previously Twitter), Bitcoin ETFs have received $17.5 billion in ramped-up capital since their introduction, making them the fastest-growing inflows of all time. In terms of milestones, this one is even more impressive than the Nasdaq-100 QQQs.
Hougan's research casts into doubt the idea that individual investors are the main force behind Bitcoin spot ETFs.
He made the observation that there is institutional interest, and it is increasing at a rate never seen before. He also disclosed that institutional investors in Bitcoin ETFs were three times as numerous in the first two quarters as in the QQQs for the same period.
