Bitcoin [BTC] has been stuck in its price slump for the past couple of weeks after the bear market crash saw a lot of major coins slip from its price ladder. Despite the crash, there have been updates and developments from various players in the cryptoverse with Bitwise being the latest one.
Speaking to Bloomberg, Hunter Horsley, the Chief Executive Officer of Bitwise, spoke about the crash and the investor sentiment following it. Horsley stated that the current market was in a bad place and Bitcoin’s fall was the catalyst for the crash. He added that new people had entered into the crypto space, which is a sign for a developing ecosystem. The CEO went on to say:
“ If you look at the cryptocurrency market ever since the inception of Bitcoin, the cryptocurrency bubble has not burst. In the ten year history, the market has dropped significantly lesser than the S&P market.”
According to him, cryptocurrencies trade like public equity but acts more like a venture stage phenomenon. The Bitwise official further stated that client retention is a mixed bag as the company manages cryptocurrency funds and beta products. He said that almost 20 percent of the existing clients have increased their investments with more investors coming in. In his words:
“ A lot of people view the industry as bear market with the number of investors going up all year round. The investor demographic also shows that the type of investors have also changed.”
Horsley stated that earlier individual investors occupied a major share of the pie whereas right now the inflow is from the side of professional investors. He also mentioned that sophisticated investors like the fund format because it helps them think about the investment they want to make and Bitwise will take care of evaluating the custodian storing the assets.
Just this week, Bitwise had launched two new single asset funds: the Bitwise Bitcoin Fund and the Bitwise Ethereum Fund. The company had stated:
“The launch was driven by inbound client interest and investor dissatisfaction with existing options, many of which carry premiums, charge exit fees, have lockups, and/or charge expenses to the fund outside the stated management fee.”
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