How crypto's recent volatility impacts ETF investors, according to Bitwise CIO and GraniteShares CEO

Speakers

Matt Hougan — CIO, Bitwise

Will Rhind — CEO, GraniteShares

Summary

Bitcoin is currently down over 50% from its October 2025 peak, creating a "crypto winter" environment.
Gold has surged past $5,000/oz, which has damaged the "digital gold" thesis for Bitcoin and soured sentiment among crypto investors.
Despite the sell-off, ETF investors are largely holding; the selling pressure is coming from "OG" early adopters trimming 15-year positions, not from ETF outflows.
A major shift is occurring toward "retailization of institutional strategies," where investors prefer ETFs offering yield, options, and downside protection over simple spot price exposure.

Trade Ideas

Ticker	Direction	Speaker	Thesis	Time
BTC /BROAD CRYPTO	LONG	Matt Hougan CIO, Bitwise Asset Management	Bitcoin is down ~50% from highs, but financial advisors are "buying the dip" counter-trend. The selling is driven by early adopters (OGs) trimming long-held positions, not by ETF investors fleeing. ETFs are acting as a stabilizing floor. In previous bear markets (2018, 2022), Bitcoin retraced 77-85%. Currently, it is only down ~50%, suggesting institutional capital is buoying the price. Outflows are minimal relative to price drops (only ~$7B outflows vs. massive market cap drop). Continued "OG" selling or a failure of the "digital gold" narrative if Gold continues to outperform significantly.	0:07
BITW	LONG	Matt Hougan CIO, Bitwise Asset Management	The crypto market is maturing and will follow the trajectory of equities and bonds, where the vast majority of capital sits in diversified index funds rather than single-asset products. Investors will eventually migrate away from picking single winners (like just holding BTC or ETH) toward broad-market exposure to capture the entire asset class growth. Bitwise's BITW is cited as the largest crypto index ETF, positioning for this migration. Crypto correlation remains high; if Bitcoin fails, the index likely fails too.	7:54
BOL	LONG	Matt Hougan CIO, Bitwise Asset Management	There is strong inflow interest specifically in Solana staking ETFs (BOL), while Ethereum staking interest has been muted. The "Yield Spread" argument. Solana offers a ~7% staking yield compared to Ethereum's ~2%. For income-focused investors, the 2% on ETH is marginal, but 7% on SOL is a material differentiator. Strong inflows into BOL since launch despite the broader market drawdown. Volatility of the underlying Solana token could wipe out the yield benefit.	8:48
DERIVATIVE /YIELD STRATEGY ETFS	LONG	Will Rhind Founder and CEO, GraniteShares	There is a massive trend toward the "retailization of institutional strategies." Investors are moving beyond simple spot-price ETFs. Retail investors now demand sophisticated outcomes previously reserved for hedge funds—specifically high yield generation (via options), downside protection, or leverage—packaged within an accessible ETF wrapper. Growth in the "Yield Boost" family of products and option-income ETFs. These strategies often cap upside potential or introduce complexity that retail investors may not fully understand.	6:19
PRIVATE SHARES /PRIVATE MARKETS	LONG	Matt Hougan CIO, Bitwise Asset Management	The next 10-year growth story for ETFs will be cracking open private markets (private equity, private shares) for everyday investors. Similar to how ETFs democratized institutional strategies (options/yield), they will soon democratize access to private companies that family offices have traded for decades. N/A (Forward-looking prediction). Regulatory hurdles and liquidity concerns regarding private assets in public wrappers.	13:38