Core Insights - The Bitwise 10 Crypto Index Fund (BITW) has experienced a year-to-date decline of 22.4%, trading at $45.62 as of February 25, 2026, primarily driven by Bitcoin's drop of 21.8% and Ethereum's significant decline of 31.7% [1][1][1] Group 1: Performance Analysis - BITW's performance is heavily influenced by Bitcoin, which constitutes a dominant weight in the index, leading to a direct correlation in their price movements [1][1] - The fund's diversified approach, holding the top 10 cryptocurrencies, has resulted in deeper losses compared to a pure Bitcoin product, particularly when altcoins underperform [1][1] - The structural design of BITW means that in a risk-off environment for cryptocurrencies, broader diversification can act as a headwind rather than a protective measure [1][1] Group 2: Market Sentiment - Retail sentiment around cryptocurrencies has turned bearish, with discussions on platforms like r/wallstreetbets indicating a negative outlook on Bitcoin's performance [1][1] - A notable post on r/wallstreetbets suggested a strong belief that Bitcoin would experience significant declines, reflecting broader market concerns [1][1]

Key Takeaways U.S. spot Bitcoin ETFs posted $506.5 million in net inflows on Feb. 25, marking the highest three-week total. BlackRock’s IBIT led with $297 million; Grayscale’s GBTC saw a rare positive day. Bitcoin rebounded above $68,000 as institutional buying returned after five weeks of outflows. U.S. spot Bitcoin exchange-traded funds staged a notable comeback on Feb. 25, logging net inflows of $506.5 million—the highest single-day total in three weeks. This reverses five consecutive weeks o ...

Bitcoin’s Wednesday rally has reignited debate over the role of Wall Street market makers in spot Bitcoin exchange-traded funds, after online speculation linked the price move to a lawsuit involving quantitative trading firm and liquidity provider Jane Street. Posts circulating on X claimed that Bitcoin’s roughly 10% climb over two days coincided with the disappearance of a purported intraday selling pattern, suggesting that legal action against Jane Street had altered market behaviour. Analysts and ETF sp ...

Two ETF issuers are joining the trend of bringing politics to the trading floor.Bitwise and GraniteShares are seeking regulatory approval to launch ETFs linked directly to the outcomes of upcoming U.S. elections, marking another step in the expansion of prediction market-style investing. • DraftKings stock is showing upward movement. Why are DKNG shares climbing?Bitwise, through its PredictionShares lineup, has filed for six ETFs proposed for listing on NYSE Arca. According to its prospectus, the funds aim ...

Big money is betting against crypto equities like Bitcoin treasury firm Strategy (MSTR) and American crypto exchange Coinbase (COIN), new data compiled by Goldman Sachs Research shows.  The firms find themselves ranked first and fourth in short interest as a percentage of market cap at 14% and 10%, respectively, among companies valued at $25 billion or greater.  “Crypto is like cilantro: Some people love it and some people hate it,” Bitwise CIO Matt Hougan told Decrypt. “It's not surprising to see it at th ...

BlackRock's head of digital assets, Robbie Mitchnick, outlined the firm's framework in September 2025. Before launching any crypto ETF, BlackRock evaluates five factors: client demand, market capitalization, liquidity, maturity, and portfolio fit—with client demand weighing heaviest.But that success didn't come from conviction alone—it came from real client demand. As Canary Capital CEO Steven McClurg explained in a January 2026 interview, "The reason they launched Bitcoin ETFs is simple—enough institutions ...

Bitcoin tested the $64,000 support level on Monday as the cryptocurrency continued a 26.41% monthly drawdown. As bitcoin’s price wanes, bitcoin miners are accelerating their transitions to AI/HPC business lines. Sellers forced a retest of bitcoin’s $64,000 support zone early Monday morning. Bitcoin previously found a floor at this level on February 6 after suffering one its worst daily selloffs ever. At the time of writing, bitcoin is down 3.7% week-over-week to $65,400. The #1 podcast for emerging tech ...

Core Viewpoint - The notion that Layer 1 (L1) blockspace has become a commodity is considered premature, as institutional behavior indicates a different reality [1]. Group 1: Institutional Behavior and Capital Distribution - Institutional capital is concentrated on top-tier chains like Ethereum and Solana, rather than being evenly distributed across all chains, suggesting that L1 blockspace is not yet commoditized [2]. - There is virtually no interest in building on lower-tier L1s, highlighting the dominance of a few leading networks [2]. Group 2: Current Market Dynamics - Ethereum and Solana continue to lead in mindshare, liquidity, and developer activity, despite competition from newer L1s that are aggressive on fees and throughput [3]. - The current low-fee environment is attributed to top-tier L1s having built more bandwidth than the market currently requires, resulting in minimal fees [3]. - There is uncertainty about how long this equilibrium will last, especially as demand scales with the growth of stablecoins, tokenization, and DeFi [3][4]. Group 3: Future Implications - The potential expansion of blockchain-based financial infrastructure to support trillions in tokenized assets could lead to a tightening of today's excess capacity, reshaping the economics of leading networks [4]. Group 4: Prediction Markets and Regulation - Prediction markets are viewed as a modern extension of Regulation Fair Disclosure (Reg FD), leveling the playing field for all investors [5]. - These markets publicly price probabilities around significant events, contrasting with historical practices where hedge funds gained an advantage through private intelligence [6]. - Retail investors can now access live probabilities on platforms like Polymarket, enhancing transparency in legislative processes [6].

According to the Bitwise model, Bitcoin currently looks noticeably “cheaper than usual” - by about 40%.The idea is simple: if you look at how much money has flowed into #BTC exchange-traded funds since the beginning of 2024, the price would normally be higher.This suggests an imbalance in the market: there is demand through funds, but the price has not yet reflected it. Such a divergence appears unusual. ...

WEEKLY ETF BREAKDOWN:BTC Net flow: -$315.9M OUTFLOWBiggest seller: BlackRock (-$303.5M)Biggest buyer: Grayscale BTC Mini ETF (+$36M)ETH Net flow: -$123.3M OUTFLOWBiggest seller: BlackRock (-$102M)Biggest buyer: 21Shares (+$700K)SOL Net flow: +$13.9M INFLOWBiggest buyer: Bitwise (+$11.7M)Biggest seller: N/A (No net weekly outflows) ...