bitwise

Bitwise Chief Investment Officer Hougan dismissed various conspiracy theories circulating in the market, including attributing the decline to Binance, Wintermute, offshore macro hedge funds, paper Bitcoin, and the recent claims about Jane Street. He pointed out that the reasons for investor sell-offs include the four-year cycle pattern, concerns about quantum computing, and the shift of funds towards AI startups.He believes that most of the sell-off is nearing its end, and the market is in the process of bottoming out, with Bitcoin set to reach new all-time highs in the future. Hougan described the current situation as a "classic cryptocurrency winter" and believes that it will be followed by a "classic cryptocurrency spring."

According to The Block, Bitwise Chief Investment Officer Matt Hougan pointed out that there may currently be structural valuation errors in crypto assets, primarily due to investors' "anchoring bias," which keeps them focused on old narratives while ignoring the reality that Wall Street is accelerating its shift towards on-chain infrastructure.Hougan emphasized that although the market size for tokenized assets is currently only about $20 billion, the vast scale of traditional financial markets indicates significant growth potential. He cited examples such as BlackRock launching a tokenized government bond fund, JPMorgan issuing deposit tokens on the Base network, and Apollo's tokenized credit fund, arguing that the lagging consensus narrative compared to actual developments provides investors with opportunities to achieve excess returns (Alpha). He suggested that investors should establish broad market exposure to navigate the ongoing structural changes in finance.

Bitwise announced the acquisition of institutional staking service provider Chorus One to expand its staking operations across more than 30 proof-of-stake chains, with the specific acquisition amount not disclosed.Chorus One manages approximately $2.2 billion in staked assets and will be integrated into Bitwise Onchain Solutions, serving institutional investors, family offices, and financial platforms. This acquisition will enhance Bitwise's staking capabilities and research coverage on chains such as Solana, Hyperliquid, Monad, Avalanche, Sui, NEAR, Aptos, Tezos, and TON.The terms of the deal were not disclosed, and about 50 core team members from Chorus One will join Bitwise, with co-founder Brian Crain appointed as an advisor to Bitwise.

According to SoSoValue data, the net inflow for SOL spot ETFs during the last trading week (Eastern Time from February 16 to February 20) was $14.31 million.The SOL spot ETF with the highest net inflow last week was the Bitwise ETF BSOL, with a weekly net inflow of $11.72 million, bringing its historical total net inflow to $694 million. Following that was the Fidelity ETF FSOL, with a weekly net inflow of $1.46 million, currently having a historical total net inflow of $160 million.As of the time of writing, the total net asset value of SOL spot ETFs is $737 million, with an ETF net asset ratio (market value as a percentage of total SOL market value) of 1.53%, and the historical cumulative net inflow has reached $889 million.

According to SoSoValue data, yesterday (Eastern Time, February 20) the total net inflow for the SOL spot ETF was $3.7774 million.The SOL spot ETF with the highest net inflow yesterday was the Bitwise Solana Staking ETF (BSOL), which had a net inflow of $3.0485 million, bringing its historical total net inflow to $694 million.Following that was the Franklin Solana ETF (SOEZ), with a net inflow of $728,900 yesterday, and its historical total net inflow currently stands at $6.7432 million.As of the time of writing, the total net asset value of the SOL spot ETFs is $737 million, with a SOL net asset ratio of 1.53%, and the historical cumulative net inflow has reached $889 million.

According to SoSoValue data, yesterday (Eastern Time, February 19) the total net inflow of SOL spot ETFs was $5.9436 million.The SOL spot ETF with the highest net inflow yesterday was the Bitwise Solana Staking ETF (BSOL), with a net inflow of $5.4618 million, bringing its historical total net inflow to $691 million.Next was the Fidelity Solana Fund ETF (FSOL), with a net inflow of $481.8 thousand, currently having a historical total net inflow of $160 million.As of the time of publication, the total net asset value of SOL spot ETFs is $710 million, with a SOL net asset ratio of 1.52%, and the historical cumulative net inflow has reached $886 million.

According to SoSoValue data, yesterday (Eastern Time, February 19) the total net inflow of XRP spot ETFs was $4.0509 million.The XRP spot ETF with the highest net inflow yesterday was the Bitwise XRP ETF (XRP), with a net inflow of $2.5213 million, bringing its historical total net inflow to $364 million.The second was the Franklin XRP ETF (XRPZ), with a net inflow of $1.5296 million, bringing its historical total net inflow to $330 million.As of the time of publication, the total net asset value of XRP spot ETFs was $1.013 billion, with an XRP net asset ratio of 1.18%, and the historical cumulative net inflow had reached $1.231 billion.

According to SoSoValue data, yesterday (Eastern Time, February 18) the total net inflow for SOL spot ETFs was $2.398 million.The SOL spot ETF with the highest net inflow yesterday was the Bitwise Solana Staking ETF (BSOL), which had a net inflow of $1.5138 million, bringing its historical total net inflow to $686 million.Following that was the Fidelity Solana Fund ETF (FSOL), with a net inflow of $476,400 yesterday, and its historical total net inflow has reached $160 million.As of the time of writing, the total net asset value of SOL spot ETFs is $697 million, with a SOL net asset ratio of 1.51%, and the historical cumulative net inflow has reached $880 million.

According to The Block, Bitwise Chief Investment Officer Matt Hougan stated that decentralized finance is expected to lead the crypto market out of the current bear market. He pointed out that major DeFi protocols have shown substantial progress: Uniswap DEX's trading volume often exceeds that of centralized exchange Coinbase, and DeFi lending platform Aave has an annual revenue of over $100 million. Hougan believes that the next bull market will focus on fundamentals, and DeFi aligns with this trend.Hougan specifically mentioned Aave Labs' recent governance proposal, which aims to transfer all Aave brand product revenues to the DAO treasury while adjusting the incentive mechanisms between developers and the community. He believes this shift will help address the long-term misalignment between the protocol's success and the token's value; if Aave can achieve this, other DeFi assets may follow suit. He also noted signs of institutional participation, such as BlackRock investing in Uniswap and Apollo investing in Aave competitor Morpho.Additionally, Strategy co-founder and Executive Chairman Michael Saylor stated in an interview with Fox Business that the current crypto market is indeed in a bear market, but "it is much milder than previous cycles" and "will last a shorter time." He mentioned that the banking sector's support for Bitcoin is stronger than it was four years ago, with continuous capital inflow and ongoing technological advancements, and posted on X platform that "spring is coming, Bitcoin is winning."

According to Cointelegraph, ETF issuers Bitwise and GraniteShares have submitted applications to the U.S. Securities and Exchange Commission to launch event contract funds linked to the results of the U.S. elections.Bitwise's prospectus submitted on Tuesday shows that it plans to launch six prediction market-style ETFs named "PredictionShares" on NYSE Arca. These funds will track the partisan affiliation results of the 2028 presidential election and the 2026 congressional elections—if the Democratic or Republican party wins, the corresponding fund will gain capital appreciation; if they do not win, the fund will "essentially lose all value."At least 80% of each fund's net assets will be invested in binary event contracts traded on CFTC-regulated exchanges. Such contracts settle at $1 when the outcome occurs, and $0 otherwise.On the same day, ETF issuer GraniteShares also submitted prospectuses for six similarly structured election result-linked funds.Roundhill submitted a similar fund application on February 14. Bloomberg ETF analyst James Seyffart commented, "The financialization and ETF-ization of everything continues. This is not the first such application, and it is highly unlikely to be the last."

According to SoSoValue data, yesterday (Eastern Time, February 17) the total net inflow for SOL spot ETFs was $2.1938 million.The SOL spot ETF with the highest net inflow yesterday was the Bitwise Solana Staking ETF (BSOL), which had a net inflow of $1.6953 million, bringing its historical total net inflow to $684 million.Next was the Fidelity Solana Fund ETF (FSOL), with a net inflow of $498.5 thousand yesterday, and its historical total net inflow currently stands at $159 million.As of the time of writing, the total net asset value of SOL spot ETFs is $726 million, with a SOL net asset ratio of 1.50%, and the historical cumulative net inflow has reached $877 million.

According to SoSoValue data, yesterday (Eastern Time, February 13) the total net inflow of the SOL spot ETF was $1.5716 million.Among them, the Bitwise Solana Staking ETF (BSOL) had a net inflow of $1.6873 million for the day, with a historical total net inflow of $683 million.The VanEck Solana ETF (VSOL) experienced a net outflow of $554,100 for the day, with a historical total net inflow of $20.2125 million.As of the time of writing, the total net asset value of the SOL spot ETF is $721 million, with a SOL net asset ratio of 1.50%, and the historical cumulative net inflow has reached $875 million.

According to SoSoValue data, yesterday (February 13, Eastern Time) the total net inflow of XRP spot ETFs was $4.5018 million.The XRP spot ETF with the highest net inflow yesterday was the Bitwise XRP ETF (XRP), with a net inflow of $2.5221 million, bringing its historical total net inflow to $362 million.Following that was the Franklin XRP ETF (XRPZ), with a net inflow of $1.5300 million, bringing its historical total net inflow to $328 million.As of the time of writing, the total net asset value of XRP spot ETFs is $1.012 billion, with an XRP net asset ratio of 1.18%, and the historical cumulative net inflow has reached $1.229 billion.

Bitwise CEO Hunter Horsley stated, "A wealth management client of Bitwise had never allocated to crypto assets when they first engaged with Bitwise two years ago. Until today, with the market correction, this client has invested $11 million in Bitcoin. For the vast number of investors who have yet to enter the crypto market, the market correction presents an opportunity."

Bitwise Chief Investment Officer Matt Hougan stated in the ETF Edge program that the recent decline in Bitcoin is not caused by a single factor, with the four-year cycle being a major downward catalyst. Matt Hougan pointed out that investors have recently favored assets like gold and AI stocks over cryptocurrencies. Additionally, the market is also affected by quantum risks and concerns regarding Kevin Warsh.Despite Bitcoin's price briefly falling below $61,000, reaching a nearly 16-month low, Matt Hougan believes that the financialization process of Bitcoin has not changed its supply scarcity. Currently, Bitwise manages over $15 billion in assets, and its Bitwise Solana Staking ETF has dropped about 57% since its launch last October.

According to Rankiapro, cryptocurrency asset management company Bitwise announced the launch of five cryptocurrency exchange-traded products (ETPs) on the Italian Stock Exchange (Borsa Italiana), namely: Bitwise Core Bitcoin ETP, Bitwise Physical Bitcoin ETP, Bitwise Physical Ethereum ETP, Bitwise Diaman Bitcoin & Gold ETP, and Bitwise MSCI Digital Assets Select 20 ETP.

According to Arkham data, at 16:54, 278.46 BTC (worth approximately 16.65 million USD) was transferred from Coinbase to multiple addresses. Among them, some BTC was transferred to Bitwise and Binance.

According to SoSoValue data, yesterday (Eastern Time, February 6) the total net inflow for XRP spot ETFs was $15.16 million.The XRP spot ETF with the highest net inflow yesterday (Eastern Time, February 6) was the Bitwise XRP ETF, with a single-day net inflow of $8.29 million, bringing its historical total net inflow to $358 million.Following that was the Franklin XRP ETF XRPZ, with a single-day net inflow of $3.94 million, bringing its historical total net inflow to $323 million.As of the time of publication, the total net asset value of XRP spot ETFs was $1.04 billion, with an XRP net asset ratio of 1.17%, and the historical cumulative net inflow has reached $1.22 billion.

According to CoinDesk, Bitwise stated that the current high level of anxiety in the market may indicate that the market is approaching a bottom.The company pointed out that this sense of anxiety is similar to the sentiment at the bottoms of the cycles in 2018 and 2022, which both became "excellent buying opportunities." Bitwise Chief Investment Officer Matt Hougan noted that investors who bought at the 2018 low saw returns of about 2000%, while those who entered at the 2022 low experienced an increase of about 300% over more than three years. He believes that the current disconnection between prices and actual industry progress reflects these cyclical characteristics.Hougan emphasized that the rise of stablecoins, asset tokenization, and trends like "AI + finance" indicate that the ecosystem is still maturing and the fundamentals have not changed. Regarding the market turnaround, Bitwise believes that crypto bear markets typically end with exhaustion of sentiment rather than sudden excitement. Potential upward catalysts include the passage of the Clarity Act, a shift in market risk sentiment, rising expectations for interest rate cuts, and technological breakthroughs in the intersection of AI and crypto. Without a sudden positive shock, the market may "gradually grind to a bottom."