One of the eight asset managers that commenced trading of spot Ethereum ETF, Bitwise Asset Management has integrated traditional marketing methods for its digital product. In a tactical use of space, Bitwise hung a banner with bold lettering of ETHW written in white, on the façade of the New York Stock Exchange (NYSE).
The Bitwise Marketing at the NYSE
Teddy Fusaro, Bitwise President in an X post, shared a 14 seconds video clip of the banner being hoisted to advertise the freshly launched product with the words, “ETHW, Bitwise Ethereum ETF.”
Public Relations experts consider the location strategic and a clear statement to the broader public outside the world of cryptocurrency that digital assets are gaining traction and going mainstream. They maintain that the banner in front of the NYSE, a traditional institution with over 150 years of trading history, sends an unambiguous message of changing times and the need to embrace it.
In his interpretation of Fusaro’s posted video, Balaji Srinivasan, former CTO of Coinbase noted that the raised banner on the façade of NYSE indicates that the U.S. Securities and Exchange Commission (SEC) yielded to a more powerful regulator.
“Because it is Ethereum that now provides standardized market access to all Internet participants. The network defeats the state,” Srinivasan wrote.
Bitwise’s Performance and Market Expectations
Bitwise’s ETHW commenced trading on Tuesday and amassed a net inflow of $204 million on its debut. According to data from SosoValue, the figures quickly dropped to $29.6 million and $16.3 million on Wednesday and Thursday respectively, in terms of net inflows.
However, market watchers say over-expectation in terms of performance on the new spot Ethereum ETF will not do the product much good. Rather, investors and stakeholders need to be patient with its growth. This caution followed the loss of over $133 million in spot ETH flows on Day 2 of trading.
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