Several available reports note that India has the highest number of Bitcoin holders. Also, a recent report from Chainalysis asserts that India is one of the fastest-evolving crypto markets globally.
Matt Hougan, the Chief Investment Officer at Bitwise, asserts that significant allocation towards BTC in financial advisor-client accounts may still be way off, and an increasing number of them are allocating to digital assets in their portfolio.
“More than anything, what I took from the event is that a wave of the most powerful people in finance are finally allocating to crypto. When it spreads from them to their clients, things could get interesting quickly at Barron’s Advisor 100 Summit, a gathering of the top financial advisors in the U.S Matt notes.”
He further notes that “Those of us who live and breathe crypto 24/7/365 might forget, but buying a little bit of Bitcoin is incredibly powerful for people. A personal connection breeds familiarity. When you hold and track BTC in your own portfolio, fear and dismissal tend to give way to curiosity and, eventually, comfort.”
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Earlier in August 2024, Bitwise announced the acquisition of Osprey Bitcoin Trust (OBTC) to expand in the Bitcoin ETF category. The deal will transfer Osprey’s $120M assets to the Bitwise Bitcoin ETF (BITB). Therefore, OBTC unit holders will get BITB shares.
On August 19, it came into the spotlight that Bitwise had acquired ETC Group, a London-based firm, with the aim of expansion in Europe—crucially noting that the deal amount remains undisclosed. ETC services include ETP, a physical bitcoin product (BTCE), and staked ether ETP (ET32).
As per data from Crunchbase, Bitwise has gathered funds from investors such as Khosla Ventures, Julie Zhuo, Adam Nash, Highland Capital Partners, and Henry Kravis, among others.
Data available on CoinAnk states that BITB, the ETF by Bitwise, has a trading price of $34.51, and its total net inflow as of September 23, 2024, was 2.07 billion. It has 38313.30 Bitcoins in holdings and $2.43 billion as market capitalization.
Crypto Market Price Updates
The ongoing bulls dominance has helped the market capitalization to recover from red; as of writing, it was $2.25 trillion with an intraday surge of 1.10%.
However, different experts state their own reason behind the surging prices of BTC; some regard FED rates and say the U.S. election hype has kicked the price to new heights.
Until publishing, Ethereum, the second most prominent cryptocurrency in the market, was trading at $2,642, with a surge of 15.21% in the past seven days.
