Bitwise CEO Lauds Daffy For Embracing BITB Bitcoin ETF Over Vanguard Approach

In a bold move, Daffy, a Donor Advised Fund platform, has opted to drift away from the traditional approach of utilizing Vanguard funds in its model. Instead, it has chosen to embrace Bitwise funds, including the BITB Bitcoin ETF to incorporate exposure to cryptocurrencies. Moreover, Bitwise CEO Hunter Horsley lauded the firm’s move to resort to Bitwise funds for crypto exposure.

Bitwise CEO Applauds Daffy

The decision marks a notable departure from convention, reflecting a growing appetite for crypto assets within investment circles. Bitwise CEO Horsley commended Daffy’s forward-thinking approach. Moreover, he emphasized the significance of enabling crypto exposure in today’s rapidly evolving financial environment.

In a post on X, the Bitwise CEO stated, “Vanguard chose to block out bitcoin. So now a fast-growing Donor Advised Fund platform, Daffy, that otherwise uses all Vanguard funds in their model is using Bitwise funds to add exposure instead — because they want to enable crypto exposure.”

In addition, underscoring the growing adoption of the Bitwise Bitcoin ETF and other crypto assets, Horsley noted, “The world will move forward one way or the other.” Daffy’s portfolio now includes two distinct options for investors seeking diversified exposure to cryptocurrencies. The Crypto-Diversified Conservative portfolio allocates 5% to the Bitwise 10 Crypto Index Fund (BITW).

Whilst, the Crypto-Diversified Aggressive portfolio ups the ante with a 10% allocation to the recently approved Bitwise Bitcoin ETF (BITB). Moreover, the growing adoption of Bitwise Bitcoin ETF places it strategically strong amid its rivals.

Horsley further underscored the momentum behind Bitwise’s offerings. He revealed, “This week a major national US wealth platform selected and approved advisor access to the Bitwise Bitcoin ETF (BITB). They can now discuss Bitcoin ETFs with clients. Months of diligence. Honored to be their partner.” This announcement signals a watershed moment for the Bitwise Bitcoin ETF.

Also Read: Bitcoin Futures See Unprecedented $38B Open Interest

Grayscale Spot Bitcoin ETF Outflows Hit Low

Throughout this week, Spot Bitcoin ETFs have experienced a resurgence in net inflows, following a period of heavy outflows last week. On Thursday, March 28, all nine Spot BTC ETFs collectively recorded a combined inflow of $178 million, marking a significant turnaround. Notably, there was a major decrease in outflows for the Grayscale Bitcoin ETF (GBTC), which saw a 60% reduction in outflows compared to the previous day.

This month, Grayscale’s GBTC registered significant outflows. However, on Thursday, GBTC experienced its lowest outflow since March 12, signaling a potential shift in investor sentiment. According to data from Farside Investors, over $14.6 billion worth of Bitcoin have been withdrawn from GBTC since the launch of these ETFs. Whilst, GBTC has seen a decline of over 50% in its Bitcoin holdings since the beginning of the year, with its current value standing at $340,000.

One significant factor contributing to the high outflows from GBTC is its comparatively high management fee. This has prompted investors to redirect their funds from GBTC to other BTC ETFs such as BlackRock and Fidelity, which offer lower management fees. BlackRock’s IBIT Bitcoin ETF, in particular, has seen an impressive $13.8 billion in inflows and is poised to surpass GBTC in total assets under management (AUM).

Also Read: Bitwise CEO Predicts Monumental Bitcoin Halving Impact