Bitcoin News Today: Bitwise Bitcoin ETF Drives 18-Month Bull Market Despite SEC Delay

The Bitwise Bitcoin ETF has emerged as a pivotal force in the ongoing bull market, serving as the primary engine driving the market's upward momentum. Since the inception of spot Bitcoin ETFs approximately 18 months ago, investors have shifted their focus from the intricate details of specific ETFs to the broader goal of gaining direct exposure to Bitcoin. The Bitwise Bitcoin ETF has played a crucial role in sustaining this upward trend, even in the absence of other major contributors.

The iShares Bitcoin Trust (IBIT) has also made significant strides, reaching new milestones and positively influencing overall market sentiment. However, the Securities and Exchange Commission (SEC) has postponed its decision on Bitwise's application for the physical redemption of Bitcoin, which could have far-reaching effects on the ETF's future performance.

Despite a recent temporary pause in the bull run, marked by a 5% drop from Bitcoin's peak as dormant whales transferred substantial amounts of the cryptocurrency, the bullish sentiment surrounding the Bitwise Bitcoin ETF remains undeterred. This ETF continues to be a driving force in the market, with its performance history indicating that it has not experienced significant returns during the last bull or bear market. Annual total return information for the ETF is not available, but its role in the current market landscape is undeniable, with investors closely monitoring its performance.