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Bitwise is a renowned crypto asset manager, renowned for managing the world's largest crypto index fund (OTCQX: BITW) and pioneering products covering Bitcoin, Ethereum, DeFi, and crypto-focused equity indexes. Bitwise partners with financial advisors and investment professionals to provide quality education and research.
Strategy, Strive and others have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for over 0.5% of Bitcoin's maximum supply
Since 2025, as of October 5, Bitcoin treasury companies such as Strategy and Strive have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for more than 0.5% of Bitcoin's maximum supply; the related preferred stock market is approximately $12 billion. Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract yield-oriented investors who are unwilling to hold Bitcoin directly; however, expanding issuance also increases dividend expenses. Sustained financing for Bitcoin purchases depends on preferred stock trading at or near par value. If prices fall below par, the appeal of new issuance may decline, and companies may turn to buybacks. James Butterfill, Head of Research at CoinShares, said Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, bought 267 BTC during the same period, and raised its preferred stock repurchase authorization to $3 billion. Buybacks can reduce future dividend costs but also compete with Bitcoin purchases for capital. Ryan Rasmussen, Head of Research at Bitwise, expects ETFs will remain a larger source of Bitcoin demand over the long term, while perpetual preferred stock covers a different group of yield-oriented investors and provides another source of demand support for the market. Butterfill believes preferred stock may amplify market cycles: when financing conditions are favorable, it supports Bitcoin purchases; when market sentiment weakens, that support may diminish.
Bitwise, Hyperliquid urge SEC to revise crypto rules, focusing on token classification, airdrops, and secondary market trading
Odaily reports: Asset management firm Bitwise Asset Management and the Hyperliquid Policy Center submitted comment letters to the U.S. Securities and Exchange Commission (SEC) on Monday, calling for changes to proposed crypto rules to clarify token classification, airdrops, and secondary market trading rules.The SEC's proposed Regulation Crypto Assets would establish exemptions for qualifying crypto fundraising and provide a conditional safe harbor for tokens related to investment contracts. Bitwise is asking for clear standards by which investment managers can determine whether a token is subject to securities laws.The Hyperliquid Policy Center is asking for an expansion of the safe harbor's scope and for clear rules on airdrops that reward network participants and on token buybacks. The organization also wants the SEC to clarify whether unregistered intermediaries can facilitate token trading, and whether tokens can be freely traded through on-chain protocols.Former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners, meanwhile, are calling for the proposal to be withdrawn, arguing that it exceeds the SEC's statutory authority and weakens investor protection. The SEC will decide whether to revise, adopt, or withdraw the rule after the public comment period ends, and the final rule must take effect after a Commission vote. (Cointelegraph)
Analysis: Bitcoin's rally may prompt companies to resume buying, but financing conditions are unlikely to return to a looser environment.
According to Cointelegraph, Bitwise Head of Research Ryan Rasmussen stated that overall bitcoin purchasing by treasury companies slowed in Q3 2026. Strategy net acquired 1,666 BTC during the quarter, down from 83,901 BTC in Q2, while other listed companies net acquired 5,617 BTC, down from 45,725 BTC in the previous quarter. He expects corporate bitcoin buying to accelerate again as early as this year. Bitfinex Head of Derivatives Jag Kooner noted that if the premium of treasury companies' stock prices over their bitcoin holdings recovers, it may reignite equity-funded bitcoin purchases, but “a return to the indiscriminate funding frenzy of last year is unlikely,” with capital flowing preferentially to mature companies that possess scale, liquidity, and an established track record.
Bitwise CIO: Five Structural Changes Bolster the Bull Case for the Crypto Market
According to Bitcoin.com, Bitwise Chief Investment Officer Matt Hougan stated that the bullish thesis for 2026 is more fundamentally grounded than the crypto market cycles of 2014, 2018, and 2022, primarily driven by five structural changes: the advancement of regulatory frameworks, the scaling of stablecoin adoption, the tokenization of real-world assets, protocol tokens generating genuine revenue supported by buyback and burn mechanisms, and the demand for currency debasement triggered by expanding sovereign debt. Hougan noted that the total stablecoin market capitalization surpassed $300 billion by mid-2026, with steady usage across trading, payments, cross-border remittances, and settlements; meanwhile, asset tokenization is progressively transitioning from experimental phases into regulated financial infrastructure. He also highlighted Hyperliquid as a prime example, noting that the protocol generated over $800 million in revenue last year, allocating roughly 99% of it toward buybacks and burns of the HYPE token. On Bitcoin, Hougan suggested that rising government borrowing levels could further cement its role as a hedge against currency debasement, though he emphasized that the associated valuation models represent scenario analyses rather than definitive price forecasts.
Bitwise 高管：未来十年机构资金或推动比特币吸纳数万亿美元配置
Bitwise Chief Investment Officer Matt Hougan stated that as Bitcoin is increasingly viewed as a mainstream financial asset by financial advisors, family offices, pension funds, insurance institutions, and sovereign wealth funds, it could attract institutional capital inflows worth trillions of dollars over the next decade. He pointed out that global large institutions manage approximately $100 trillion to $200 trillion in assets, and if about 1% of that were allocated to Bitcoin, it would be sufficient to support its long-term price expectations.
Bitwise CEO: Inflation-Reduction Proposals Reflect Despair and Helplessness; the Right Path Is Growing Demand
Odaily News, Bitwise CEO posted on X platform, stating that these proposals to reduce inflation reflect, in his view, despair and helplessness. People want to see their asset valuations rise but do not know what else they can do to achieve this. He believes that rather than turning toward creating value, capturing value, and driving demand—things that are harder but where real growth lies—people are instead turning to austerity, reducing the economic benefits for ecosystem participants and holders. The right path is harder, but also simple: grow demand.
Crypto Industry Organization Committee for Crypto Innovation Leads Submission of 238-Page Report, Calls on U.S. SEC to Clarify Regulatory Boundaries for On-Chain Treasuries
According to Crypto in America, the crypto industry organization Crypto Council for Innovation (CCI) and members such as Bitwise, Galaxy Digital, and Morpho submitted a 238-page report to the Securities and Exchange Commission (SEC), calling on regulators to clarify how existing securities laws apply to on-chain vaults (Vaults) and to establish a differentiated regulatory framework based on the degree of control human operators exert over user assets and investment decisions.
Can Bitcoin Return to $100,000 by Year-End? Market Views Diverge
market analysts are divided on whether Bitcoin can return to $100,000 before the end of 2026.Ryan Rasmussen, Head of Research at crypto asset management firm Bitwise, believes that factors such as institutional demand through ETFs and corporate Bitcoin purchases, concerns over inflation and government debt, and an improving regulatory environment are expected to push Bitcoin to higher levels by year-end, potentially even breaking through $100,000.Adam Morgan McCarthy, Head of Research at London-based crypto trading and market data firm LO:TECH, expects Bitcoin to trade mainly in the $85,000 to $95,000 range through year-end. He noted that inflation pressures and the possibility of further rate hikes by the Federal Reserve will continue to weigh on Bitcoin's performance. U.S. consumer prices rose 0.6% month-over-month in September, with core CPI up 0.3% month-over-month, complicating the outlook for monetary policy.Luca Invernizzi, Senior Derivatives Trader at Nomura's crypto unit Laser Digital, said Bitcoin will remain primarily driven by macroeconomic factors and U.S. long-term Treasury yields in the near term. However, market leverage has been largely flushed out, and if Bitcoin effectively breaks above $90,000, it could trigger a new round of short-covering. James Butterfill, Head of Research at CoinShares, also believes that the contradiction between inflation and a weakening job market will influence the Fed's subsequent policy decisions and Bitcoin's trajectory. (CoinDesk)
Bitwise CIO: Bitcoin Will Ultimately Benefit Regardless of AI's Trajectory
According to The Block, Bitwise Chief Information Officer Matt Hougan stated that regardless of whether AI development drives economic prosperity, investment bubbles burst, or growth remains modest, Bitcoin will ultimately benefit. Hougan noted that if AI collapses, it may temporarily drag Bitcoin lower in the short term, but government bailouts and monetary expansion policies will ultimately drive a rebound in Bitcoin.
Bitwise Says CLARITY Act Stalling Benefits Four Types of Crypto Businesses
Odaily News: Bitwise Asset Management Chief Investment Officer Matt Hougan stated that after the Senate declined to advance the CLARITY Act on September 15, stablecoin platforms retain room to offer balance rewards to customers, and exchanges such as Coinbase also continue to maintain existing state-level licenses and advantages in integrating trading and brokerage operations.The U.S. Securities and Exchange Commission (SEC) issued a five-year exemption for tokenized stock trading on September 17, allowing qualifying platforms to adopt permissioned automated market makers and liquidity pools for testing. Hougan listed Securitize, which provides services for BlackRock, Apollo, and KKR tokenized funds, as a beneficiary.SEC staff updated token buyback guidance on September 28, stating that for networks that are already functional and have no centralized party, buyback announcements do not constitute a promise on which purchasers rely for expected profits; the guidance does not have legal effect. (Bitcoin.com News)
Bitwise: 15 Institutions Did Not Reduce Holdings During Nearly 50% Market Decline, Some Even Increased Positions
Odaily reports: A survey of 15 large institutions conducted by crypto asset management firm Bitwise shows that none of the surveyed institutions reduced their allocations during the approximately 50% decline in the crypto market from October 2025 to April 2026, with some increasing their positions.Some respondents who have not yet allocated to crypto assets have entered the stage of in-depth due diligence, and several sovereign wealth funds are evaluating large-scale allocations. One sovereign investor stated that establishing the legal and regulatory infrastructure needed for allocation could take more than a year.The crypto asset allocations of the surveyed institutions range from 0.5% to 13% of investable assets, with most falling between 1% and 2%. All institutions that have already established positions hold Bitcoin, which is typically their first, largest, and longest-held crypto asset position. (Bitcoin.com News)
Bitwise Survey: 15 Responding Institutions Maintained Positions During ~50% Crypto Market Decline, With Allocations Mostly 1% to 2%
Bitwise's Institutional Crypto Asset Adoption Report states that it engaged with investment heads from 15 institutions, including endowments, pension funds, sovereign wealth funds, family offices, and publicly traded companies, between late March and April 2026. All surveyed institutions holding crypto assets hold Bitcoin, with allocations ranging from 0.5% to 13% of investable assets, mostly between 1% and 2%. During the crypto market's approximately 50% decline from October 2025 to April 2026, no institution reduced its holdings; some even increased them. Nearly all surveyed institutions have either used or plan to use spot crypto ETFs, with governance processes, operational arrangements, and reputational risk serving as the primary obstacles to expanding their allocations. Bitwise expects that most institutional investors will hold crypto assets over the next five years.
Yesterday, Bitcoin spot ETFs saw a net inflow of $17.06 million, while Ethereum spot ETFs saw a net outflow of $105.5 million.
Data from Trader T shows that US Bitcoin spot ETFs recorded a net inflow of $17.06 million yesterday. BlackRock IBIT saw a net inflow of $12.8 million, Fidelity FBTC posted a net inflow of $10.53 million, and Bitwise BITB recorded a net inflow of $8.76 million; Grayscale Bitcoin Mini Trust experienced a net outflow of $15.35 million, and WisdomTree BTCW saw a net outflow of $3.84 million. During the same period, Ethereum spot ETFs recorded a net outflow of $105.51 million, with the cumulative net outflow for October reaching $1.45 billion, setting a single-month record high. Among these, BlackRock ETHA saw a net outflow of $71.7 million, BlackRock Staked ETH (ETHB) recorded a net outflow of $15.6 million, and Grayscale ETHE posted a net outflow of $15.54 million, while only Fidelity FETH achieved a net inflow of $2.9 million.
Yesterday, Ethereum spot ETFs recorded a net outflow of $21.38 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $21.38 million yesterday, narrowing from the $60.22 million outflow on October 27. BlackRock ETHA posted a net outflow of $44.8 million, serving as the day's primary outflow source, while Fidelity FETH saw a net inflow of $18.78 million, Grayscale Mini Trust Ethereum recorded a net inflow of $3.62 million, and Morgan Stanley MSSE registered a net inflow of $1.02 million. Net flows for the remaining products, including Grayscale ETHE, BlackRock Staked ETHB, Bitwise ETHW, and VanEck ETHV, were all zero for the day.
Yesterday, Bitcoin spot ETF recorded a net inflow of $137.32 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs saw a net inflow of $137.32 million yesterday, with BlackRock IBIT recording a net inflow of $136 million, Bitwise BITB a net inflow of $1.32 million, and net flows for other funds such as Fidelity FBTC, Grayscale GBTC, and ARK ARKB all at zero.
U.S. Bitcoin spot ETFs recorded a net inflow of $301 million this week, while BlackRock IBIT posted a single-week inflow of $566 million.
Meanwhile, Fidelity FBTC saw a net outflow of $116.6 million, ARK Invest's ARKB recorded $99.6 million in net outflows, Grayscale GBTC posted $51.8 million in net outflows, and Bitwise BITB faced $18.5 million in net outflows.
Yesterday, Bitcoin spot ETFs recorded a net outflow of $635.54 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs recorded a net outflow of $635.54 million yesterday. Among them, BlackRock's IBIT saw a net outflow of $254.1 million, Fidelity's FBTC had a net outflow of $217.46 million, ARK's ARKB recorded a net outflow of $109.43 million, Grayscale's GBTC posted a net outflow of $29.53 million, and Bitwise's BITB experienced a net outflow of $27.35 million. Morgan Stanley's MSBT saw a net inflow of $2.33 million, while net flows for the remaining listed funds were zero.
Yesterday, Ethereum spot ETF net inflows reached $14.98 million, with year-to-date cumulative net inflows totaling $699.6 million.
According to data from Trader T (@thepfund), Ethereum spot ETFs recorded a net inflow of $14.98 million yesterday, bringing the year-to-date cumulative net inflow to $699.6 million since the start of 2026, while the month-to-date figure remains at a net outflow of $1.07 billion. On the previous trading day (October 20), there was a net outflow of $26.12 million, marking a reversal from outflows to a slight net inflow for the day. By product: • BlackRock ETHA: Net outflow of $29.3 million • Grayscale Mini Trust ETH: Net inflow of $28.07 million • Fidelity FETH: Net inflow of $13.03 million • Morgan Stanley MSSE: Net inflow of $1.34 million • Franklin EZET: Net inflow of $940,000 • Bitwise ETHW: Net inflow of $890,000 • Grayscale ETHE, BlackRock ETHB, VanEck ETHV, 21Shares TETH, Invesco QETH: No net inflows or outflows.
Bitwise CIO: Bitcoin May Have Touched Bear Market Bottom
Bitwise Chief Investment Officer Matt Hougan stated in an interview with Bloomberg that the Bitcoin price has not reacted significantly to negative news recently, such as the Coldcard security incident, Strategy sell-off, and the CLARITY Act's progress falling short of expectations, which may indicate that Bitcoin has approached or reached the bottom of this bear market.
Crypto Companies Send Joint Letter to AI Labs, Urging Access to Frontier Models for Bitcoin Developers
据 Cointelegraph 报道，比特币政策研究所（BPI）联合 Anchorage Digital、BitGo、Bitwise、Blockstream、Kraken、Ledger、MARA、Trezor 等多家加密机构，发布公开信敦促各大前沿 AI 实验室为比特币及开源软件开发者建立或扩展可信访问计划。 信中指出，Bitcoin Core 等开源维护者目前缺乏对 AI 实验室网络安全程序的访问渠道，被迫依赖能力较弱的开源模型，而比特币网络当前保护着逾 1 万亿美元资产，任何开源基础设施漏洞均可能危及用户毕生积蓄。BPI 同时披露，已收到多份报告显示包括潜在境外势力在内的复杂攻击者正借助先进 AI 能力持续发动攻击。
Bitwise CEO Says Client Assets Are Safe, Will Continue to Monitor Binance-Related Situation
Bitwise CEO posted on X that client assets in Bitwise-managed treasuries, private funds, and ETFs are safe, and the team will continue to monitor the Binance-related situation. He stated that spot and lending markets may experience volatility in the short term, Binance has received industry support, and cybersecurity defense will remain an important topic for all companies this year and in the future.
Yesterday, Ethereum spot ETFs recorded a net outflow of $21.38 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $21.38 million yesterday, narrowing from the $60.22 million outflow on October 27. BlackRock ETHA posted a net outflow of $44.8 million, serving as the day's primary outflow source, while Fidelity FETH saw a net inflow of $18.78 million, Grayscale Mini Trust Ethereum recorded a net inflow of $3.62 million, and Morgan Stanley MSSE registered a net inflow of $1.02 million. Net flows for the remaining products, including Grayscale ETHE, BlackRock Staked ETHB, Bitwise ETHW, and VanEck ETHV, were all zero for the day.
Yesterday, Bitcoin spot ETF recorded a net inflow of $137.32 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs saw a net inflow of $137.32 million yesterday, with BlackRock IBIT recording a net inflow of $136 million, Bitwise BITB a net inflow of $1.32 million, and net flows for other funds such as Fidelity FBTC, Grayscale GBTC, and ARK ARKB all at zero.
Bitwise: Ten-Year Bitcoin Price Forecast Raised from $1.3 Million to $1.6 Million
According to The Block, in its report published on Wednesday titled "2027 Bitcoin Long-Term Capital Market Assumptions," crypto asset management firm Bitwise raised its 10-year Bitcoin price forecast from $1.3 million to $1.6 million, projecting a compound annual growth rate (CAGR) of 34.3% for Bitcoin over the period. The report states that the base case scenario assumes Bitcoin will capture 25% of the global store-of-value market and 1% of institutional investment assets by 2036; its bear case is $130,686, while its bull case is $3.67 million. Bitwise Chief Investment Officer Matt Hougan stated that the company maintained its market share assumptions unchanged but increased its 2036 estimate for the global store-of-value market from $91 trillion to $110 trillion, and its institutional investment market size from $216 trillion to $303 trillion. The report also noted that Bitcoin's maximum supply is 21 million coins, with 20.1 million currently in circulation, accounting for 95.7% of the total supply.
Bitwise: Bitcoin Could Rise to $1.6 Million by 2036 Under Base Case Scenario
Odaily News: Bitwise has released its "2027 Bitcoin Long-Term Capital Market Assumptions" report, forecasting Bitcoin's returns, volatility, and correlation with equities over the next 10 years. Bitwise stated that under its base case scenario, Bitcoin is expected to rise to $1.6 million by 2036.
Strategy, Strive and others have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for over 0.5% of Bitcoin's maximum supply
Since 2025, as of October 5, Bitcoin treasury companies such as Strategy and Strive have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for more than 0.5% of Bitcoin's maximum supply; the related preferred stock market is approximately $12 billion. Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract yield-oriented investors who are unwilling to hold Bitcoin directly; however, expanding issuance also increases dividend expenses. Sustained financing for Bitcoin purchases depends on preferred stock trading at or near par value. If prices fall below par, the appeal of new issuance may decline, and companies may turn to buybacks. James Butterfill, Head of Research at CoinShares, said Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, bought 267 BTC during the same period, and raised its preferred stock repurchase authorization to $3 billion. Buybacks can reduce future dividend costs but also compete with Bitcoin purchases for capital. Ryan Rasmussen, Head of Research at Bitwise, expects ETFs will remain a larger source of Bitcoin demand over the long term, while perpetual preferred stock covers a different group of yield-oriented investors and provides another source of demand support for the market. Butterfill believes preferred stock may amplify market cycles: when financing conditions are favorable, it supports Bitcoin purchases; when market sentiment weakens, that support may diminish.
Related news
Yesterday, Bitcoin spot ETFs saw a net inflow of $17.06 million, while Ethereum spot ETFs saw a net outflow of $105.5 million.
Data from Trader T shows that US Bitcoin spot ETFs recorded a net inflow of $17.06 million yesterday. BlackRock IBIT saw a net inflow of $12.8 million, Fidelity FBTC posted a net inflow of $10.53 million, and Bitwise BITB recorded a net inflow of $8.76 million; Grayscale Bitcoin Mini Trust experienced a net outflow of $15.35 million, and WisdomTree BTCW saw a net outflow of $3.84 million. During the same period, Ethereum spot ETFs recorded a net outflow of $105.51 million, with the cumulative net outflow for October reaching $1.45 billion, setting a single-month record high. Among these, BlackRock ETHA saw a net outflow of $71.7 million, BlackRock Staked ETH (ETHB) recorded a net outflow of $15.6 million, and Grayscale ETHE posted a net outflow of $15.54 million, while only Fidelity FETH achieved a net inflow of $2.9 million.
Bitwise CEO Says Client Assets Are Safe, Will Continue to Monitor Binance-Related Situation
Bitwise CEO posted on X that client assets in Bitwise-managed treasuries, private funds, and ETFs are safe, and the team will continue to monitor the Binance-related situation. He stated that spot and lending markets may experience volatility in the short term, Binance has received industry support, and cybersecurity defense will remain an important topic for all companies this year and in the future.
The first 3 hours saw over $40 million in trading volume, Bitwise Hyperliquid ETF actively trading today
Odaily Report: Bitwise CEO posted on X that investors are paying attention to Hyperliquid. The Bitwise Hyperliquid ETF BHYP recorded over $40 million in trading volume in the first 3 hours today.
Crypto Industry Organization Committee for Crypto Innovation Leads Submission of 238-Page Report, Calls on U.S. SEC to Clarify Regulatory Boundaries for On-Chain Treasuries
According to Crypto in America, the crypto industry organization Crypto Council for Innovation (CCI) and members such as Bitwise, Galaxy Digital, and Morpho submitted a 238-page report to the Securities and Exchange Commission (SEC), calling on regulators to clarify how existing securities laws apply to on-chain vaults (Vaults) and to establish a differentiated regulatory framework based on the degree of control human operators exert over user assets and investment decisions.
Yesterday, Ethereum spot ETFs recorded a net outflow of $21.38 million.
According to data released by Trader T (@thepfund), Ethereum spot ETFs recorded a net outflow of $21.38 million yesterday, narrowing from the $60.22 million outflow on October 27. BlackRock ETHA posted a net outflow of $44.8 million, serving as the day's primary outflow source, while Fidelity FETH saw a net inflow of $18.78 million, Grayscale Mini Trust Ethereum recorded a net inflow of $3.62 million, and Morgan Stanley MSSE registered a net inflow of $1.02 million. Net flows for the remaining products, including Grayscale ETHE, BlackRock Staked ETHB, Bitwise ETHW, and VanEck ETHV, were all zero for the day.
Yesterday, Bitcoin spot ETF recorded a net inflow of $137.32 million.
According to data released by Trader T (@thepfund), Bitcoin spot ETFs saw a net inflow of $137.32 million yesterday, with BlackRock IBIT recording a net inflow of $136 million, Bitwise BITB a net inflow of $1.32 million, and net flows for other funds such as Fidelity FBTC, Grayscale GBTC, and ARK ARKB all at zero.