Bitcoin and XRP got some more attention from Wall Street today. The 10 Crypto Index Fund by Bitwise finally got the green light from regulators and started trading on NYSE Arca, which means these two popular assets are becoming more connected to traditional investments.
Journalist Eleanor Terrett says it has been a tough go for the company, with the SEC causing delays that put the product on hold for a while.
As Bitwise explains, BITW keeps track of 10 major assets, which it divides up based on market capitalization and rebalances every month. The latest composition makes it clear where market weight stands: Bitcoin takes the lead with 74.34%, Ethereum follows with 15.55% and XRP takes third place at 5.17%.
In the meantime, XRP's ecosystem is already moving full steam ahead on its own. On Dec. 8, spot ETF products linked to the token saw $38.04 million in daily net inflows, bringing the total to $935.39 million. This also increased the total net assets to $923.71 million, with the price trading near $2.09.
One foot in
Bitwise framed today as a "watershed." After eight years of building the index, they are positioning BITW as a simple gateway for investors who want crypto exposure without asset picking or constant monitoring.
For Bitcoin and XRP, the NYSE integration basically gives them instant market presence, making them more visible and giving them more potential for passive income, another sign that traditional exchanges are no longer treating crypto as an experiment.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team