Bitwise (BITB) Sustains Bull Run, Records $26M Inflows Today and $82M in Volume in Just 3.5 Hours

BITB CEO Hunter Horsley revealed in a post on X platform adding the bull run was suggestive of strong demand for digital assets by investors.

Bitwise, an asset management firm, has reported strong inflows into its flagship Bitcoin (BTC) exchange-traded fund (ETF), $BITB, with $26 million recorded today.

The bull run comes amid a short market day with high volume, as noted by Bitwise CEO Hunter Horsley in a post on X platform.

“$26,000,000 of inflows into $BITB today and $82M of volume in just 3.5 hours with a short market day,” wrote Horsley.

“People want more Bitcoin. Things are just getting started. Happy Thanksgiving!”

Horsley.

The strong appetite for digital assets is evident in the demand for Bitwise’s products, as the company also filed to launch a 10-Crypto index ETF earlier this year.

The ETF, if approved, will provide exposure to the Bitwise 10 Large Cap Crypto Index, which includes Bitcoin, Ethereum, Ripple, Cardano, Solana, Avalanche, Chainlink, Bitcoin Cash, Uniswap and Polkadot.

The index ETF will expand the two-way access between the mainstream and digital asset market, which will interest both institutional and retail investors.

Coinbase Custody will store the assets while the Bank of New York Mellon will act as the fund’s cash custodian and administrator.

Bitwise has a history of rolling out new crypto investment products. Last year, the company filed for Solana and XRP-based ETFs.

The company has also expanded its operations to Europe, where it recently announced the rebranding of its European XRP ETF to Bitwise Physical XRP ETP.

The European operation, formerly known as ETF Group Physical XRP, will trade on Germany’s Deutsche Börse XETRA under the ticker GXRP.

“As part of a strategic realignment of our European product lineup and to enhance the product’s appeal to institutional investors seeking regulated exposure to XRP, we have decided to transition the product to Bitwise,” the company stated in a Wednesday blog.

The operation, which launched in 2022, will continue to be backed by physical XRP and trade on the Deutsche Börse.

“The XRP Ledger (XRPL) is a blockchain that has been around for over 10 years and has a proven track record of innovation and strong capabilities,” Horsley said.

“We are excited to offer investors access to this asset through an institutional-quality product, given the XRPL’s potential.”