Bitwise Asset Management has launched two new cryptocurrency funds, one of which only invests in BTC. The launch “is driven by inbound client interest and investor dissatisfaction with existing options,” the company says. The market downturn has also given investors “a unique opportunity to enter the market at prices many thought we’d never see again.”
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Two New Funds
Bitwise Asset Management announced on Wednesday that it has launched two new funds: the Bitwise bitcoin Fund and the Bitwise Ethereum Fund. The former only holds BTC and the latter only ETH, in addition to “any meaningful hard forks and air drops,” the company states. According to the announcement:
The launch of the funds is 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.
The company explained that 100 percent of the funds are held in cold storage. Kingdom Trust is the custodian of both funds. Contributions to the bitcoin fund can only be done by “U.S. bank wires and BTC,” Bitwise’s website shows.
Starting on Wednesday, two share classes are available for both funds. The first, aimed at institutional investors, has “an all-in expense ratio of 1.0% and a minimum investment of $1 million,” the company described. The other has “an all-in expense ratio of 1.5% and a minimum investment of $25,000.” Subscriptions and redemptions are accepted every Wednesday, “with no lockups, withdrawal fees, or performance fees,” the announcement details.
Existing Index Funds
Current constituents of Bitwise 10 Index.
The two funds launched on Wednesday are the company’s second and third strategies, the announcement clarifies, adding that the first is “the broad-market Bitwise 10 Private .” This fund tracks the cryptocurrencies in the Bitwise 10 Index, “which is a basket of the largest coins, weighted by 5-year diluted market capitalization and rebalanced monthly,” its website describes. The constituents of this index are currently BTC, XRP, ETH, XLM, BCH, EOS, LTC, ZEC, XMR, and DASH.
In addition to the Bitwise 10 Index, the company has three other indices: the 20 mid cap, the 70 small cap, and the 100 total market.
Furthermore, the company has partnered with Morgan Creek Capital Management to offer investors another index fund called Digital Asset Index Fund. According to its website, this fund “tracks the Morgan Creek Bitwise Digital Asset Index.” Its current constituents are BTC, ETH, BCH, EOS, LTC, ZEC, XMR, DASH, IOTA, and NEM.
Current constituents of Digital Asset Index Fund.
Clients Are Interested
Bitwise CEO Hunter Horsley commented:
The 68% drawdown in bitcoin prices this year has given investors a unique opportunity to enter the market at prices many thought we’d never see again.
He added that, while “an ETF [exchange-traded-fund] has not yet been approved, investors and advisors like the fund format because it’s professionally managed and simplifies access to best-in-class custody, trading, reporting, and tax preparation, and allows for the safe capture of events like hard forks and airdrops.”
The company’s global head of research elaborated:
Our clients have been adding to their positions throughout the downturn, and many who’ve been following the space for a while are using this opportunity to finally come in.
What do you think of Bitwise’s various crypto funds? Let us know in the comments section below.
Images courtesy of Shutterstock, Morgan Creek Capital Management, and Bitwise Asset Management.
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Price Action
| 24 hours | -5.66 | -0.00105 |
| 7 days | -14.59 | -0.00299 |
| 1 month | -8.09 | -0.00154 |
News
Welcome Zcash!
— Brian Armstrong (@brian_armstrong)
Trend
The Zcash monthly trend is down. It’s been quite the roller coaster ride for Zcash when you look at the daily chart. On November 28 $ZEC posted a high of 0.0222 BTC (today this is valued at $82.27). Yesterday $ZEC printed a low of 0.017275 BTC (today valued at $64.02).
Looking at the broader picture we see the $Zcash price -8.09% lower today than it was a month ago, and down -14.59% on the week.
[Trend is "down" when the monthly price movement is predominantly downwards.]
Chart
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Remarks
ZEC-USDC
Select Market
65.13 USDC Last trade price
-9.02%24h price
7,155 ZEC24h volume
Technicals
Moving Average Convergence Divergence (MACD)
The MACD on the four hour chart is bearish.
Exponential Moving Averages (EMA)
| 7 day | 0.017985 BTC |
| 25 day | 0.018530 BTC |
| 99 day | 0.018791 BTC |
The short term EMA is below both the medium and long term EMA, and is pointing downwards. This is a bearish state.
Relative Strength Index (RSI)
The Relative Strength Index on the one hour chart is 36.7. The one, two and four hour RSI are all in the neutral zone.
bitcoin Price Modifier
The 24 hour bitcoin change is -3.00%. This may exert a bearish influence on Zcash today.
24 Hour Zcash $ZEC Price Outlook
the twenty-four hour Zcash $ZEC price outlook is sideways
if the price finds acceptance at higher levels the immediate resistance prints at 0.017749 BTC
if the price finds acceptance at lower levels the immediate support prints at 0.017275 BTC
The author does not hold Zcash $ZEC at the time of writing.
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