Bitwise Just Took $1.8 Billion in a Bear Market, Tom Lee Noticed
Bitwise Asset Management took in greater than $1.8 billion of recent cash in the primary half of 2026, chief govt Hunter Horsley stated Sunday. Crypto costs fell by way of most of it.
Tom Lee known as the end result excellent. However, the cash didn’t chase costs, as three of the 4 Bitwise product traces behind that whole pay buyers an revenue as an alternative.
Why Lee Called It Outstanding
Horsley posted the determine on Sunday. Net inflows measure new cash in, minus cash pulled out.
In H1 of this yr, amidst a bear market, buyers put over $1,800,000,000 into Bitwise merchandise (“internet inflows”),” the Bitwise govt shared.
Tom Lee, co-founder and head of analysis at Fundstrat Global Advisors, commented, lauding the staff for rising considerably regardless of bearing market circumstances.
Lee has stayed bullish by way of the stoop. He ranked 17 crypto stocks earlier this week. Bitcoin (BTC) traded near $77,403 on Sunday, little modified.
What the Money Actually Bought
Horsley stated 4 franchises every drew over $100 million. They have been:
- ETFs and ETPs (exchange-traded funds and merchandise)
- Private methods
- Staking, and
- Vaults.
Three of them pay a yield. Bitwise numbers present how a lot.
Its vault, opened in January with the onchain lender Morpho, targets about 6% a yr on stablecoins. Its tokenized Crypto Carry Fund held $259 million by late May and yielded 4%.
Carry sounds complicated however is easy. The fund buys crypto, sells futures towards it, and retains the hole.
Staking drew the quickest cash. Bitwise’s Solana staking fund handed $500 million simply 18 days after itemizing final November. Rivals now rush to place Ethereum yield in ETPs.
The Fund That Sells Price Alone Shrank
One Bitwise product pays nothing. The Bitwise 10 Crypto Index ETF (BITW) holds a basket of huge tokens. Bitcoin and ether are about 91% of it.
Its filings inform the story. Net property fell from $1.03 billion on December 31 to $678 million on March 31. That is 34% gone in three months.
Two forces did it. Price per share dropped 24%. Investors additionally cashed out 2.25 million shares, about 13% of the fund.
Cost was not the rationale. Bitwise had simply minimize the payment from 2.50% to 0.75% when the fund joined NYSE Arca in December. The identical fund gained 94.8% in 2024.
Staff felt it too. A Bitwise workforce reduction on August 12 minimize headcount from roughly 180 to 155.
Net inflows rely deposits, not good points. Inside Bitwise, buyers paid for yield and walked away from worth.
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