Bitwise secured the ticker for their hyped crypto ETF product at a competitive 0.67% fee structure, marking a significant milestone amid intense market turbulence. The backdrop: $200 million in daily outflows paired with a brutal 30% drawdown has tested investor conviction hard.

But here's the shift—the SEC is now allowing multiple ETF filings to advance, a stark reversal from years of blanket rejections across dozens of applications. That regulatory thaw matters. Institutional buyers are stepping in at $24, having watched the cascade sell-off from $35 unfold. The bottom-fishing phase looks real.

With the ETF launch now locked in, we're seeing the machinery of regulated capital moving into digital assets. Whether this marks the start of a sustained recovery or another leg in the volatility play remains the open question.