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Bitwise Announces Results of October 2022 Month-End Crypto Index Reconstitution
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Rhea-AI Summary
Litecoin (LTC) has re-entered both the Bitwise 10 Large Cap Crypto Index and the Bitwise 10 ex Bitcoin Large Cap Crypto Index as of October 31, 2022, replacing Chainlink (LINK). In the Bitwise 10 Large Cap Crypto Index, Bitcoin (BTC) constitutes 61.11%, Ethereum (ETH) 29.46%, while LTC holds 0.61%. For the Bitwise 10 ex Bitcoin Index, Ethereum dominates at 75.76%, with LTC at 1.58%. The monthly reconstitution reflects Bitwise's commitment to maintaining index integrity and responding to market dynamics.
Positive
Litecoin's re-entry into major crypto indexes could enhance visibility and investment interest.
The Bitwise 10 Large Cap Crypto Index and Bitwise 10 ex Bitcoin Large Cap Crypto Index reflect a diverse portfolio, potentially attracting a broader range of investors.
Negative
Litecoin replaced Chainlink, potentially indicating a decline in Chainlink's market strength.
LTC holds a minimal percentage in both indexes, suggesting limited investor confidence compared to larger assets.
Litecoin (LTC) re-enters the Bitwise 10 Large Cap Crypto Index and the Bitwise 10 ex Bitcoin Large Cap Crypto Index
SAN FRANCISCO--(BUSINESS WIRE)--
Bitwise Index Services, the indexing subsidiary of Bitwise Asset Management, today announced the results of the monthly reconstitution of the Bitwise Crypto Indexes, which took place on October 31, 2022, at 4 p.m. ET.
There was one change to the constituents of the Bitwise 10 Large Cap Crypto Index as a result of the October 31, 2022 reconstitution: Litecoin (LTC) re-entered the index, replacing Chainlink (LINK). As of October 31, 2022, at 4 p.m. ET, the Bitwise 10 Large Cap Crypto Index held the following constituents: 61.11% Bitcoin (BTC), 29.46% Ethereum (ETH), 2.21% Cardano (ADA), 1.83% Solana (SOL), 1.23% Polygon (MATIC), 1.21% Polkadot (DOT), 0.88% Avalanche (AVAX), 0.81% Uniswap (UNI), 0.65% Cosmos (ATOM), and 0.61% Litecoin (LTC).
There were no changes to the constituents of the Bitwise Decentralized Finance Crypto Index as a result of the October 31, 2022 reconstitution. As of October 31, 2022, at 4 p.m. ET, the Bitwise Decentralized Finance Crypto Index held the following constituents: 53.49% Uniswap (UNI), 12.12% Aave (AAVE), 8.37% Maker (MKR), 4.87% Lido DAO (LDO), 4.81% Curve DAO Token (CRV), 3.88% Convex Finance (CVX), 3.73% Compound (COMP), 3.50% Loopring (LRC), 3.05% Yearn Finance (YFI), and 2.20% 0x (ZRX).
There was one change to the constituents of the Bitwise 10 ex Bitcoin Large Cap Crypto Index as a result of the October 31, 2022 reconstitution: Litecoin (LTC) re-entered the index, replacing Chainlink (LINK). As of October 31, 2022, at 4 p.m. ET, the Bitwise 10 ex Bitcoin Large Cap Crypto Index held the following constituents: 75.76% Ethereum (ETH), 5.69% Cardano (ADA), 4.69% Solana (SOL), 3.16% Polygon (MATIC), 3.11% Polkadot (DOT), 2.26% Avalanche (AVAX), 2.09% Uniswap (UNI), 1.67% Cosmos (ATOM), and 1.58% Litecoin (LTC).
The Bitwise Crypto Indexes are reconstituted on a monthly basis according to the rules of the Bitwise Crypto Index Methodology as applied by the Bitwise Crypto Index Committee. Minutes of the October 2022 Bitwise Crypto Index Committee meeting are publicly available here.
The Ball Multicoin Bitwise Metaverse Index reconstitutes in February, May, August, and November, and had no changes as a result of the October 31, 2022 reconstitution. As of October 31, 2022, at 4 p.m. ET, the Ball Multicoin Bitwise Metaverse Index had 27 constituents. The following were the 10 largest constituents of the Ball Multicoin Bitwise Metaverse Index: 9.69% Ethereum (ETH), 9.00% Chainlink (LINK), 8.92% Polygon (MATIC), 7.72% Filecoin (FIL), 7.72% Solana (SOL), 6.60% Binance Coin (BNB), 5.88% Uniswap (UNI), 5.08% Arweave (AR), 4.15% Ethereum Name Service (ENS), and 4.07% Graph Protocol (GRT). The index methodology for the Ball Multicoin Bitwise Metaverse Index is available here.
The Bitwise Crypto Innovators 30 Index of equities reconstitutes quarterly and as a result had no changes as of October 31, 2022. As of October 31, 2022 at 4 p.m. ET, the following were the 10 largest constituents of the Bitwise Crypto Innovators 30 Index: 14.37% MicroStrategy (MSTR), 11.89% Coinbase Global Inc. (COIN), 7.76% Silvergate Capital (SI), 6.51% Hut 8 Mining (HUT CN), 6.07% Marathon Digital Holdings (MARA), 5.48% Riot Blockchain (RIOT), 5.06% Galaxy Digital Holdings (GLXY CN), 4.50%Canaan Inc. (CAN), 4.39% Bakkt Holdings (BKKT), and 3.42% HIVE Blockchain (HIVE CN). The index methodology for the Bitwise Crypto Innovators 30 Index of equities is available here.
The Bitwise Blue-Chip NFT Collections Index reconstitutes quarterly and as a result had no changes as of October 31, 2022. As of October 31, 2022, at 4 p.m. ET, the Bitwise Blue-Chip NFT Collections Index held the following constituents: 30.05%Bored Ape Yacht Club, 28.66% CryptoPunks, 10.97%Mutant Ape Yacht Club, 6.67% CloneX, 6.51% Chromie Squiggle, 5.18% Azuki, 3.66% Moonbirds, 2.87% Doodles, 2.72% Meebits, and 2.71% VeeFriends. The index methodology for the Bitwise Blue-Chip NFT Collections Index is available here.
About Bitwise Asset Management
Based in San Francisco, Bitwise is one of the largest and fastest-growing crypto asset managers. As of year-end 2021, Bitwise managed over $1.3 billion across an expanding suite of investment solutions. The firm is known for managing the world’s largest crypto index fund (OTCQX: BITW) and pioneering products spanning Bitcoin, Ethereum, DeFi and crypto-focused equity indexes. Bitwise focuses on partnering with financial advisors and investment professionals to provide quality education and research. The team at Bitwise combines expertise in technology with decades of experience in traditional asset management and indexing, coming from firms including BlackRock, Blackstone, Facebook and Google, as well as the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and asset management executives, and has been profiled in Institutional Investor, CNBC, Barron’s, Bloomberg and The Wall Street Journal.
RISKS AND IMPORTANT INFORMATION
Carefully consider the investment objectives, risk factors, and charges and expenses of any Bitwise investment product before investing. Investing involves risk, including the possible loss of principal. There is no guarantee or assurance that the methodology used by Bitwise or any of the Bitwise investment products will result in any Bitwise investment product achieving positive investment returns or outperforming other investment products. There is no guarantee or assurance that an investor’s investment objectives will be met through an investment into any Bitwise investment product, and an investor may lose money. Investors into any Bitwise investment product should be willing to accept a high degree of volatility in the price of such investment product and the possibility of significant losses. Bitwise investment products involve a substantial degree of risk. Certain Bitwise investment products may be available only to institutional and individual accredited investors.
Certain of the Bitwise investment products may be subject to the risks associated with investing in crypto assets, including cryptocurrencies and crypto tokens. Because crypto assets are a new technological innovation with a limited history, they are a highly speculative asset. Future regulatory actions or policies may limit the ability to sell, exchange or use a crypto asset. The price of a crypto asset may be impacted by the transactions of a small number of holders of such crypto asset. Crypto assets may decline in popularity, acceptance or use, which may impact their price. The technology relating to crypto assets and blockchain is new and developing. Currently, there are a limited number of publicly listed or quoted companies for which crypto assets and blockchain technology represent an attributable and significant revenue stream.
NFTs are an extremely new artistic and cultural phenomenon, and interest in such artwork could wane. If the demand for NFT artwork diminishes, the prices of NFT items could be negatively affected. The market for NFTs can be subject to shallow trade volume, extreme hoarding, low liquidity and high bankruptcy risk. NFTs are also subject to risks and challenges associated with intellectual property rights and fraud.
In general, Metaverse protocols do not operate on a native blockchain, but rather are built and operated on other public blockchain networks. As a result, a Metaverse protocol does not control the blockchain network on which it operates. Any adverse impacts or changes on the underlying blockchain network could have a negative effect on the operation of the Metaverse protocol and, as a result, could impact the price of the Metaverse protocol’s digital asset. Such adverse impacts can include, but are not limited to, technical bugs, hacks, 51% attacks or network congestion due to, among other issues, high fees.
The opinions expressed herein are intended to provide insight or education and are not intended as individual investment advice. Bitwise does not represent that this information is accurate and complete and it should not be relied upon as such.
This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any security in particular. Past performance is no guarantee of future results.
Diversification may not protect against market risk. Diversification does not ensure a profit or protect against a loss in a declining market.
Bitwise may attempt to have shares of its investment products quoted on a secondary market. However, there is no guarantee this will be successful. Although the shares of certain Bitwise investment products have been approved for trading on a secondary market, investors in any other Bitwise investment product should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions that regulators such as the SEC, FINRA or other regulatory bodies may have regarding the investment product. Shareholders of such investment products should be prepared to bear the risk of investment in the shares indefinitely.
This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The offer and sale of these investment products have not been registered with or approved or disapproved of by the Securities and Exchange Commission or the securities commission or regulatory authority of any state or foreign jurisdiction.
