Bitwise高管：比特币或已处熊市底部，ETF成主流存储方式

Matt, is this is this the sort of biggest, I don't wanna say catalyst, but maybe advertisement for having, your your Bitcoin in an ETF since these ETFs were launched a few years ago? You know, we've certainly seen a lot of money flow into ETFs, I think, in part in response to this change. I think it's a reminder that the frontier of what the safest way to store your crypto assets is is always evolving. It's different today than it was five years ago, and was different then than it was five years prior.

It is true that a lot of investors find comfort in the institutional protections that come with the ETF structure, and I think that will accelerate over time. So I do think this is positive for ETF flows in the crypto market. So it raises the question, Matt. What is the safest way to store your Bitcoin right now? Well, look. There are a number of good quality ways to store your Bitcoin. I do think ETFs and Bitcoin ETFs, we have an ETF, BITB, come with a lot of protections that investors find comforted.

They're regulated, qualified custodians. They have some element of insurance in place. Passwords are sharded. There are limitations on when they where the Bitcoin can be sent and how it works. There's a long track record of protection. So I do think ETFs are a great solution. That doesn't mean there aren't other ways. There are still good cold storage solutions that many love to have available to them, But I think increasingly, you're going to see particularly mainstream investors turning to the protections of ETFs as one safe way to store their assets.

Matt, does this challenge the whole idea of self custody? Because for years, the Bitcoin community community has been saying, put all your Bitcoin or most of your Bitcoin in a cold wallet because that is the safest way. Yeah. I don't think it challenges the idea of cold storage and self custody. You still have that option available to you, which is the really important thing. You can opt out of the system. This was a product failure.

It's not a failure of cold storage and self custody itself. I do again, I would emphasize, I think it's a reminder that the frontier of the most established and preferred way to store your Bitcoin is always evolving, and many investors wanna be on that frontier. But make no mistake, it doesn't change anything fundamental about Bitcoin. We still have this important opt out mechanism where investors can sort of leave the mainstream finance when they need to.

But most of the time, you're gonna see much of the assets and probably an increasing share of the assets in regulated products like BITP. And when this hack happened, we barely saw a budge in the price of Bitcoin. Talk to us whether we're seeing a real separation between Bitcoin and a broader ecosystem of digital digital assets when a hack like this isn't even moving the price of the stock. I mean, maybe is this at the point where hacks don't necessarily undermine investors' confidence in Bitcoin?

Well, I think there's an element of that, but I actually think there's a bigger story going on. We've seen over the last few months that negative news hasn't harmed Bitcoin at all. When Michael Saylor started selling Bitcoin, Bitcoin held flat. When stretch traded down to 75, Bitcoin held flat. When the clarity act odds fell from the mid forties into the teens, Bitcoin was rounding. One sign that you're at the bottom of a bear market is when an asset stops responding to bad news.

In a bear market, it tends to overrespond to bear bad news and ignore good news. We're in the reverse right now. We're ignoring bad news. We're maybe over indexing to good news. I think it's a sign that we may be at the bottom of this crypto winner and that we may have a strong end of the year. So then if if we if you think we're at the bottom and we have a strong end to the year, what would be the next catalyst in your view that could actually move this asset higher?

Yeah. I think, actually, it's a quiet catalyst underneath the surface, which are these large wealth management platforms. I really think that's the next marginal buyer of Bitcoin coming into the market, and that's not a one minute catalyst. That's something that takes place over time. You know, over the past few months, despite a market that's down 50% from its all time high, we've seen a number of major wealth management platforms approve our spot Solana ETF, Bessent.

The reason for that is not FOMO. It's merit. It's these advisors that wanna be part of this asset class. I was just at a major wealth management conference yesterday. They are still extremely bullish. They're talking about two to 4% allocations. Look. I think this bull market is going to be slower, less volatile, and more institutional than bull markets in the past, but it's also going to be building a stronger foundation for the asset that's gonna lift us higher over time.

Matt, I really like what what you said earlier that maybe what is safe is continuously evolving, especially in this age of AI. So let's say, theoretically, you have a client or a friend who has a million dollars in Bitcoin. How would you advise them to divvy up those assets when it comes to cold cold storage and ETFs? And I know, of course, everyone has a different risk tolerance, different profile, but just generally.

Yeah. Look. I think ETFs are a great solution for a majority of those assets. I think it's valuable for people to keep a portion in cold storage so they have that opt out option for them, but a majority may go into ETF. I'll tell you something interesting, something we're seeing. A lot of investors withheld away Bitcoin are actually in kinding into ETFs. That means they transfer that Bitcoin into an ETF in a tax free basis.

We've done hundreds of millions of dollars of those trades from people who wanna get Bitcoin into a regulated setting where it can be managed against their same assets. And, again, they can do that on a tax free basis. So, you know, the majority of that, I think, maybe for most people in a regulated setting and then some portion in traditional cold storage because that's fundamental to the core philosophical offering that Bitcoin provides.

It may be fundamental to the core philosophical offering in the opinion of of some of those, you know, OG Bitcoin holders. But is there actually, in your view, Matt, a a reason to do that in a in a world of spot ETFs? Well, look. I think the the the the fallback protections only matter in fallback scenarios. There's probably not a reason for everyone to do that. I think it's important, as I said, that we have the option to do that.

But look. Most investors, most traditional investors are gonna hold Bitcoin the way they hold other assets. Right now, that means in traditional wrappers like ETFs. I think as the industry matures and the technology matures and finance moves increasingly on chain, I don't know that ETFs are the end solution. We may see other solutions that look more like vaults or digital SMAs. We shouldn't assume that we're at the end of sort of history and evolution.

But right now, for many investors, ETFs like BITB are the safest, most secure, and easiest option at really low costs. It's a great solution for a lot of people. And I wanna go back to your in kind question, Matt, because I feel like that's really gaining a lot of traction, especially of late. So all the inflows coming into your fund, roughly what percentage comes in kind versus in cash? Oh, that's a great question. I I think it's a I don't have the exact statistics in front of me, but I'll say we've done I think it's 6 or $700,000,000 of in kind transactions into BITB over the past year or so.

So it's a meaningful fraction. And when I go and speak at these wealth, you know, major wealth conferences, major adviser platforms, it's a number one topic of discussion for financial advisers because it has a two win aspect for them. Right? It offers maybe a better solution for their clients, safer, mo

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