A recent update reveals that a $40 billion institutional consultant tapped Bitwise Bitcoin ETF (BITB) for its BTC investments. The decision, revealed by Bitwise CEO Hunter Horsley, has gained significant attention from crypto market enthusiasts amid the buzz over the ETF market. Besides, it also comes amid a recovery noted in the broader cryptocurrency market, reflecting the market’s regaining confidence.
Bitwise Bitcoin ETF (BITB) Secures Major Investor
A leading wealth manager with $40 billion asset under management (AUM) has planned for BTC investments through the Bitwise Bitcoin ETF. Bitwise CEO Hunter Horsley, in a recent X post, revealed the update while expressing his excitement over the move.
The CEO has revealed that the institutional consultant has come to its decision after months of diligence. He also lauded the development as a sign of increasing acceptance of the crypto among institutional investors.
Meanwhile, the update comes at a time when BTC and altcoins are noting a rebound from its recent volatile phase. The recent performance indicates that investors are regaining confidence in the cryptocurrency market, buoyed by positive developments in the space.
For instance, Morgan Stanley recently announced it allows its wealth advisors to use Spot Bitcoin ETFs for affluent clients. This move also reflects the growing trend of the crypto’s institutional adoption. The financial services giant said that it would allow its 15,000 advisors to offer Bitcoin ETF options to clients with at least $1.5 million in assets.
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Institutional Adoption Of BTC
The decision by the $40 billion wealth manager to tap Bitwise Bitcoin ETF reflects the broader institutional adoption trend. The Bitcoin ETF has gained notable traction throughout the year, gaining notable attention from global investors. Besides, several countries have followed the United State’s decision to allow Spot Bitcoin ETF as an investment option.
Meanwhile, the recent market volatility and concerns over a potential recession in the U.S. appears to have kept some traders on the sideline. However, despite the recent correction in the global financial market having fueled speculations, some investors might be taking this opportunity to buy the dip, as per recent performance.
As of writing, the BTC price was trading at $56,839.92, with a surge of nearly 6% in the last 24 hours. With the recent price recovery, several investors are looking for cues if Bitcoin price can reach $60K with the broader market recovery.
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