Bitwise CEO Hunter Horsley disclosed that hundreds of wealth management branches of a major US bank invested in Bitwise and Bitcoin ETFs.
Hunter Horsley, CEO of Bitwise Invest, has disclosed that a major bank in the United States is making substantial investments in the Bitwise spot Bitcoin ETF and other crypto ETFs.
Spot Bitcoin ETFs are experiencing mainstream adoption, and experts anticipate that sovereign wealth funds, pension funds, and endowments will accumulate them at a later date due to their long due diligence cycles.
Jane Street Group and Boothbay Fund Management have the largest holding in Bitwise ETF (BITB).
Bitwise CEO Points To Large Bitcoin ETF Investing
Bitwise Invest’s CEO, Hunter Horsley, revealed on the social media platform X that a major U.S.-based bank has invested in Bitwise ETFs through hundreds of wealth management branches.
As per a report, this figure represents 20% of the bank’s wealth management branches.
He further states that Bitcoin and other crypto ETFs are progressively becoming more mainstream as a result of the purchase of BTC and other crypto ETFs by a significant number of TradFi.
According to Bitwise, the company provides seven exchange-traded funds, with BITB holding 40,499.93 BTC in value at $2.71 billion.
“From a report I got today – There’s a large bank in the US where 20% of all their wealth management branches (several hundred), own a Bitwise ETF,” said Horsley.
More Adoption After Spot Ethereum ETF Launch
After the recent consecutive inflow amid positive sentiment in the crypto market, BITB net inflow has surpassed $2.20 billion.
There was also a $44.6 million inflow into the spot Bitcoin ETF on Friday.
Following the launch of the spot Ethereum ETF, Bitwise CEO Horsley and CIO Matt Hougan are more optimistic about the allocations to ETFs.
Hougan anticipates a major rise in the price of Ethereum to $5,000, as the demand for Ethereum is similar to that of Bitcoin ETFs.
Ether ETF trading is likely to begin early next week.
Additionally, there are disputes regarding whether the launch is a “sell the news” event.
Bitcoin (BTC) price increased by over 5% following the expiration of the options, and it is currently trading at $66,616.
The 24-hour low and high are $63,416 and $67,442, respectively.
Furthermore, the trading volume has increased by 35% in the last 24 hours, implying a surge in interest among traders.
