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Home»ADOPTION NEWS»Bitwise CIO says advisors are adopting bitcoin ETFs ‘faster’ than any other exchange-traded fund in history
ADOPTION NEWS

Bitwise CIO says advisors are adopting bitcoin ETFs ‘faster’ than any other exchange-traded fund in history

By Crypto FlexsSeptember 9, 20243 Mins Read
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Bitwise CIO says advisors are adopting bitcoin ETFs ‘faster’ than any other exchange-traded fund in history
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Matt Hogan, CIO of Bitwise Invest, took to social media platform X on Monday to refute a researcher’s claim that investment advisors are seeing low adoption of spot Bitcoin ETFs.

“Investment advisors are adopting Bitcoin ETFs faster than any new ETF in history,” Hougan said in his post.. BlackRock’s position Bitcoin

+5.94%
The fund attracted “net inflows of $1.5 billion from investment advisers, which Bianco calls ‘a small amount’ because it represents just a fraction of the total $46 billion that has flowed into Bitcoin ETFs.”

Hougan’s comments came in response to a lengthy post by market research expert Jim Bianco, who told X on Sunday that the two spot bitcoin ETFs “have not been a vehicle for adoption by exchanges or baby boomers,” and that adoption of the tool by financial advisors has been limited.

“According to our quantitative analysis of cryptocurrencies, most spot BTC ETF inflows are from on-chain holders moving back into trading accounts, so very little ‘new’ money has entered the crypto space,” Bianco said.

BlackRock’s IBIT is growing rapidly

Hoogen has a different view when looking at the data.

“If you look at just the $1.5 billion associated with investment advisors, excluding all other flows, IBIT would be the second-fastest-growing ETF launched this year (excluding other BTC ETFs),” he said, adding that there have been more than 300 exchange-traded funds launched this year.

Bloomberg ETF analyst Eric Balchunas defended Hogan’s views.

“IBIT only He said in X that “advised allocations ($1.5 billion total) have generated more organic inflows than any other ETF launched this year.”

According to The Block’s Data Dashboard, Bitwise Invest’s spot bitcoin ETF has about $2 billion in assets under management. BlackRock’s IBIT fund is the largest in the market, with nearly $20 billion in AUM.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.

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