Title: Bitcoin ETFs Reach $39.8 Billion Market Cap Following Surge in Demand

The price of bitcoin has climbed to $50,000 today, just a month after the U.S. Securities and Exchange Commission (SEC) approved 11 applications for spot bitcoin exchange-traded funds (ETFs). These ETF issuers have experienced a tremendous surge in demand, surpassing initial predictions and leading to a combined total of $28.35 billion in assets under management. Blockworks data reveals that the market cap of these issuers now stands at $39.8 billion.

Blockworks data also indicates that the 24-hour trading volume for bitcoin ETFs has reached $1.38 billion. Among the spot bitcoin ETFs, Grayscale Bitcoin Trust claims the top spot with $20.27 billion in assets, followed by BlackRock's iShares Bitcoin Trust with $3.31 billion, and Fidelity's Wise Origin Bitcoin Trust with $2.75 billion.

Matt Hougan, Chief Investment Officer at Bitwise Asset Management, expressed surprise at the sustained inflows and higher volumes than anticipated. Hougan stated, "The fact that there haven't been just day-one flows, but strong positive inflows in 18 of the first 19 days is really gratifying. It makes me extremely optimistic about where bitcoin's price is going and its importance in the world."

As the fourth-largest spot bitcoin ETF by market cap, Bitwise Bitcoin ETP faced numerous challenges on its path to approval. In preparation for the anticipated SEC approval, Bitwise conducted over 20,000 meetings with financial advisors last year. Hougan shared, "It was nerve-wracking to launch, while we're not BlackRock, we're not new to this space. [But] we provide crypto asset funds so we needed to be relevant."

Bitwise's spot bitcoin ETF's fee is currently 0.20%, which is the second-lowest among the ETFs. However, Hougan expressed uncertainty regarding whether this rate will remain the same if the fund continues to grow significantly.

Hougan believes that the demand for bitcoin ETFs will continue to rise as more national account platforms come online, and large institutions express interest in investing. He mentioned that while these institutions may not be investing millions of dollars in bitcoin today, their inbound interest is significant, with meetings scheduled with platforms managing billions of dollars in assets.

Looking ahead, Hougan predicts that spot bitcoin ETFs will hold the record for the "biggest ETF launch of all time" a month after receiving SEC approval. He expects demand to remain strong for the next 18 months, with volumes continuing to increase as time goes on and bitcoin's price drives more interest.

Hougan also hinted at the possibility of exploring other offerings in the future, such as Ethereum spot ETFs. He emphasized that the ETF era of crypto has begun, and Bitwise Asset Management is committed to providing these products within the bounds of regulation.

In conclusion, the approval of spot bitcoin ETFs by the SEC has resulted in unprecedented growth and demand, with a total market cap of $39.8 billion. Investors and institutions are increasingly recognizing the potential of cryptocurrency and are expected to continue flocking towards these ETFs in the coming months.