Bitwise's crypto index fund does more volume than ETHE on its second day in the OTC market

Bitwise's crypto index fund has done more volume than Grayscale's record-breaking Ethereum product on its second day live, according to market data.

Thursday's trading day volume reached $33,162,394, eclipsing Grayscale's ETHE by more than $2 million.

Source: OTCMarkets.com

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Bitwise began listing shares of its index fund on over-the-counter markets on Wednesday. This moved enabled trading without brokerage accounts when previously, the Bitwise 10 Crypto Index Fund could only be accessed through private placements at net asset value. 

Now the index fund joined the likes of Grayscale's offerings by making the shares publicly available for trading. Grayscale's crypto products, the Bitcoin-based GBTC and Ethereum-based ETHE, have continuously broken their previous milestones, and at times trading at tremendous premiums relative to net asset value. Bitwise's BITW gives investors access to the ten largest crypto assets as opposed to Grayscale's offerings, which hone in on specific digital assets. 

GBTC remains top of the charts by a wide margin, with $242,467,110 in volume during today's trading hours on OTCQX. 

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Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.