Following the increased demand for crypto offerings from investors, leading crypto fund manager, Bitwise Asset Management, has recorded noteworthy growth in the last two months. In a Monday press statement, the firm revealed that its assets under management (AUM) have passed the $500 million mark – up from the $100 million held as of October 28, 2020. The press release said:
Bitwise saw record inflows into its funds during Q4 2020, surpassing the total cumulative inflows of 2018 and 2019 combined.
A lot of money is flowing into digital assets from hedge funds, financial advisers, and institutional players, according to the press release. The demand for the fund’s Bitcoin and Ethereum products spiked in the last quarter of 2020. CEO and co-founder of Bitwise, Hunter Horsley, confirmed that professional investors are moving into crypto at a remarkable speed.
Amidst the rising demand for Bitcoin and Ethereum, investors appear to be cautious of Ripple – the fourth-largest cryptocurrency. Bitwise was one of the early players to liquidate its position in XRP in response to the lawsuit filed against Ripple Inc. by the U.S. SEC.