Core Insights - John Davi, founder and chief investment officer at Astoria Portfolio Advisors, discussed the firm's 15th annual report featuring ten ETF picks for 2026, emphasizing a constructive macro outlook driven by tax cuts, potential tariff cuts, and Federal Reserve rate cuts [1][2] Featured Portfolio Ideas - The iShares MSCI ACWI ex U.S. ETF (ACWX) is recommended for exposure to international equities, benefiting from a weaker dollar and attractive valuations, particularly in cyclical sectors like industrials and financials [3] - The PIMCO Multisector Bond Active ETF (PYLD), with over $10 billion in assets, is highlighted for its active management approach, outperforming the Aggregate Bond Index by 12% since its launch in July 2023 [4] - The SPDR Bridgewater All Weather ETF (ALLW), which has $700 million in assets, employs strategic asset allocation across four economic quadrants and operates with approximately 40% lower risk than the S&P 500 [5] - The Calamos Auto Callable Income ETF (CAIE), now over $500 million in assets, focuses on defined outcomes in a non-linear risk environment by selling low downside puts to generate yield [6] - The Bitwise 10 Crypto Index ETF (BITW) is included as a means to protect purchasing power against inflation, advocating a buy-and-hold strategy rather than tactical trading [7]

Core Insights - The beginning of 2026 signifies a significant "regime change" for digital assets, with crypto ETFs experiencing inflows exceeding $1.2 billion in the first two trading days, potentially leading to an annual intake of $150 billion [1][10] Group 1: Morgan Stanley's Strategic Move - Morgan Stanley filed for its own spot Bitcoin and Solana ETFs on January 6, 2026, which is expected to attract substantial discretionary capital and facilitate crypto exposure through diversified ETF structures [2][10] - The bank's filing represents a strategic expansion into digital assets, transitioning from distributing third-party products to creating proprietary funds, allowing it to capture management fees and integrate these products into its client portfolios [3][4] - With over $7.9 trillion in wealth and investment management assets, Morgan Stanley is positioned to benefit from high-margin revenues generated by crypto products [4][6] Group 2: Market Dynamics and ETF Advantages - The SEC-approved spot Bitcoin ETF structure has proven lucrative for traditional finance, with a 40% sequential increase in the number of public companies holding Bitcoin, reaching 172 [5] - Investing in crypto ETFs is currently advantageous as direct holdings of assets like Bitcoin and Ethereum have faced volatility, with Bitcoin ending 2025 with a significant loss [7][8] - Crypto ETFs provide diversified exposure, institutional-grade security, liquidity, and regulatory compliance, mitigating the risks associated with direct ownership [8] Group 3: Future Outlook and Predictions - The digital asset economy is predicted to remain strong in 2026, with a Bitcoin price target of nearly $200,000 by the end of the year suggested by CoinShares [9] - Analysts from JP Morgan have indicated that the recent crypto sell-off may be nearing its end, with inflows and outflows in Bitcoin ETFs starting to stabilize [11] Group 4: Recommended Crypto ETFs - **Bitwise 10 Crypto Index ETF (BITW)**: The world's first and largest crypto index fund with net assets of $1.07 billion, tracking the 10 largest crypto assets, gaining 4.2% year to date with fees of 75 basis points [12] - **Bitwise Solana Staking ETF (BSOL)**: The first U.S. ETP with 100% direct exposure to the Solana blockchain, with AUM of $761.7 million, surging 9.3% year to date and charging 20 basis points in fees [13] - **Bitwise Crypto Industry Innovators ETF (BITQ)**: AUM of $409.9 million, offering exposure to 33 companies servicing the cryptocurrency markets, rallying 13.1% year to date with fees of 85 basis points [14] - **Global X Blockchain ETF (BKCH)**: AUM of $384.9 million, providing exposure to 35 companies benefiting from blockchain adoption, soaring 18.2% year to date with fees of 50 basis points [15]

Group 1 - Cardano has gained increased visibility as Bitwise moved its Bitwise 10 Crypto Index ETF to NYSE Arca, placing ADA alongside the ten largest cryptocurrencies [1] - The inclusion of ADA in the index allows traditional investors to access it through regular brokerage accounts without needing crypto wallets or on-chain transfers [2] - ADA holds a 0.65% share of the index, which tracks the largest and most established digital assets, with monthly updates on liquidity and regulatory standards [2] Group 2 - Cardano's price has increased by approximately 6.3% over the past 24 hours, trading near $0.4254, but has faced resistance around the $0.45 mark [3] - The price movement has been characterized by a steady downtrend, with each bounce forming lower highs and pullbacks leading to lower lows [4] - Recent trading shows a rejection just under $0.46, indicating that buyers are struggling to overcome short-term resistance [5] Group 3 - If the price falls below the established support level, the downtrend may continue, potentially leading to a deeper drop [6] - Current momentum remains weak, with no clear signs of a price reversal on the chart [6]

Core Viewpoint - Bitwise Asset Management has successfully launched the Bitwise 10 Crypto Index ETF (NYSE:BITW) on NYSE ARCA, transitioning from its previous trading on OTCQX Best Market, thereby bringing one of the earliest crypto index products into mainstream trading [1][2]. Group 1: Product Overview - BITW is designed to provide broad exposure to the largest digital assets in the cryptocurrency sector, following the Bitwise 10 Large Cap Crypto Index, which is a monthly rebalanced portfolio of the 10 largest cryptocurrencies by market capitalization [2][3]. - The fund's current asset allocation includes Bitcoin at 74.34%, Ethereum at 15.55%, XRP at 5.17%, and Solana at 3.07%, with smaller allocations to Cardano, Chainlink, Litecoin, Avalanche, Sui, and Polkadot [4]. Group 2: Investment Strategy - BITW's revised framework stipulates that 90% of its portfolio will be invested in crypto assets already represented in existing single-coin ETPs, specifically Bitcoin, Ethereum, Solana, and XRP, while the remaining 10% will be allocated to other cryptocurrencies [5]. - The index approach adopted by Bitwise aims to reduce uncertainty for investors regarding which cryptocurrencies will outperform over time, with the belief that BITW will hold the largest and most successful assets [6]. Group 3: Market Position and Future Outlook - The CEO of Bitwise, Hunter Horsley, indicated that the accelerating mainstream adoption of cryptocurrencies makes 2025 an ideal time for BITW's uplisting, suggesting that index investing could become a popular entry point into the crypto market [6].

Core Insights - Bitwise Asset Management announced that its crypto index fund, the Bitwise 10 Crypto Index ETF (BITW), will uplist to NYSE Arca as an exchange-traded product [1] - BITW, launched in 2017, holds the 10 largest crypto assets by market capitalization and features active screening and monthly rebalancing to provide diversified exposure to the crypto market [2] - Bitwise's Chief Information Officer highlighted that the index approach allows investors to engage with the crypto market without needing to predict specific winners, as BITW will include the largest and most successful assets [3] Industry Developments - The SEC's new guidance on disclosures for cryptocurrency-based exchange-traded products in July is viewed as a precursor to more approvals for crypto ETFs [3] - Grayscale Investments launched its multi-asset cryptocurrency exchange-traded product, Grayscale CoinDesk Crypto 5 ETF (GDLC), on NYSE Arca in September, offering exposure to the five largest crypto assets with quarterly rebalancing [4][5] - Bitwise completed a $70 million equity raise in February, indicating expectations of significant growth in 2024 and a commitment to enhancing its investment capabilities [6]

Core Viewpoint - The launch of the Bitwise 10 Crypto Index ETF (BITW) provides retail investors and financial advisors with access to a diversified range of cryptocurrencies, marking a significant development in the cryptocurrency investment landscape [1][2]. Group 1: ETF Details - BITW includes 10 digital assets: Bitcoin, ether, XRP, Solana, Chainlink, Litecoin, Cardano, Avalanche, Sui, and Polkadot, making it the first ETF from a major crypto asset manager to include Cardano, Avalanche, Sui, and Polkadot [2]. - The ETF was converted from an index fund and starts trading with $1.5 billion in assets, offering advantages such as increased trading flexibility, tax efficiency, and lower fees compared to traditional funds [4]. - BITW allocates 90% of its holdings to Bitcoin, ether, Solana, and XRP, capping the combined weight of all other tokens at 10%, and will be rebalanced monthly [8]. Group 2: Market Context - The ETF launch follows the SEC's approval of several spot bitcoin ETFs in January 2024, prompting asset managers to seek approvals for ETFs tracking a broader range of digital assets [5]. - The cryptocurrency market has recently experienced pullbacks, with Bitcoin trading as low as $85,000, over 30% off its record high of approximately $126,000 [6]. - Despite the risks associated with smaller coins, the ETF offers potential diversification similar to broad index funds, appealing to investors seeking comprehensive exposure to digital assets [7]. Group 3: Company Background - Bitwise manages over $15 billion in client assets and offers a suite of more than 40 digital asset investment products [9].

Core Viewpoint - Bitwise Asset Management has announced the uplisting of the Bitwise 10 Crypto Index ETF (BITW) to NYSE Arca, marking a significant milestone for crypto as an asset class, with the fund offering diversified exposure to the top 10 crypto assets [1][5]. Company Overview - Bitwise Asset Management is a global crypto asset manager with over $15 billion in client assets and a range of more than 40 crypto investment products, including ETFs and private funds [7][8]. - The firm has an eight-year track record and serves over 4,000 private wealth teams, RIAs, family offices, institutional investors, and 15 banks and broker-dealers [8]. Fund Structure and Strategy - BITW was initially launched in 2017 as the first crypto index fund, aiming to track the Bitwise 10 Large Cap Crypto Index, which includes the 10 largest crypto assets by market capitalization [2][4]. - Under its new ETP structure, BITW will allocate 90% of its holdings to major crypto assets like Bitcoin, Ether, Solana, and XRP, while capping other crypto assets at 10% [6]. - The fund employs active screening and monthly rebalancing to ensure it captures the investable crypto asset market opportunity [5]. Market Position and Adoption - The uplisting of BITW is seen as a watershed moment for the crypto market, indicating the asset class's rapid adoption into mainstream investing [5]. - The index approach allows investors to gain exposure to the crypto market without needing to predict which assets will succeed [4]. Asset Allocation - As of the uplisting, BITW's holdings included Bitcoin (74.34%), Ether (15.55%), XRP (5.17%), Solana (3.07%), and several other smaller allocations [7].