Bitwise Files for 11 Altcoin ETFs as Crypto ETF Momentum Grows

• Bitwise filing came at the time of the issuance of new listing standards of cryptocurrency exchange-traded products by the SEC. 
• Some of the tokens which were listed in the Bitwise 11 Altcoin ETFs are Uniswap (UNI), Aave (AAVE), Tron (TRX), Sui (SUI), Zcash (ZEC) and NEAR. 

Last month, Bitwise Asset Management filed with the Securities and Exchange Commission of the United States to look for the approval of 11 new exchange-traded funds (ETFs). These ETFs will focus on the prominent altcoins, which will mark a prominent milestone in the history of cryptocurrency ETFs in the U.S. regulatory area. 

The crypto market plunged by 0.74% in the past 24 hours, with Bitcoin holding over $91k and Ethereum being above $3,100. Regardless of this fall, the market is looking for a potential recovery.

Yesterday, the net inflow of Bitcoin spot ETFs increased by $117 million in four days of continuous outflows. Ethereum spot ETFs also witnessed a positive net inflow of about $5.03 million after a continuous three-day outflow. 

The inflow of Solana spot ETFs was listed to be at 10.67 million, and XRP spot ETFs was at 15.04 million. Some of the tokens which were listed in the Bitwise 11 Altcoin ETFs are Uniswap (UNI), Aave (AAVE), Tron (TRX), Sui (SUI), Zcash (ZEC) and NEAR. 

The Bifurcation of Funds

The company has shown these funds in a way that institutional investors will be able to explore both old and new cryptocurrencies. These ETFs include direct token holdings, having exchange-traded products (ETPs) and derivatives to offer exposure to every cryptocurrency. 

The funds will put around 60% of their assets straight into cryptocurrencies, and the remaining 40% will be invested in ETFs or derivatives tracking the similar assets. The structure is designed in a way to check that the products have cleared the SEC regulations but is still flexible to meet the liquidity needs and economical operations. 

Having this hybrid approach, Bitwise is looking to roll out an easier method for investors to get into the altcoin market. Bitwise filing came at the time of the issuance of new listing standards of cryptocurrency exchange-traded products by the SEC. 

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