The company explained the creation of a new product by the fact that over the past year, the share of the first cryptocurrency on the market has decreased from 69% to 42%, while altcoins have strengthened their positions.
Bitwise Asset Management announced the launch of an index crypto fund, which will contain only the largest altcoins in terms of capitalization, without bitcoin. According to the company itself, this is the first such fund in the world.
The new product is called Bitwise 10 ex Bitcoin Crypto Index Fund, it will be guided by a similar Bitwise index, which tracks the largest altcoins by capitalization:
- Ethereum (ETH): 68.53%
- Cardano (ADA): 15.43%
- Solana (SOL): 5.49%
- Bitcoin Cash (BCH): 2.09%
- Chainlink (LINK): 2.08%
- Litecoin (LTC): 1.97%
- Uniswap (UNI): 1.50%
- Polygon (MATIC): 1.50%
- Stellar (XLM): 1.40%
Bitwise noted that over the past year, the share of bitcoin on the crypto market has decreased from 69% to 42%. At the same time, the share of such altcoins as Ethereum, Cardano and Solana has grown exponentially.
Classic index funds are mutual funds that copy a monitored stock index.
They buy on the balance sheet stocks or bonds included in this index in the same proportion in which they are presented in the index.
Cryptocurrency index funds work in a similar way, but they don’t buy securities, but digital assets.
