Summary Bitwise Crypto Industry Innovators ETF offers diversified exposure to the cryptocurrency sector, tracking companies tied to Bitcoin and Ethereum's bullish momentum. BITQ has rallied over 45% year-to-date, benefitting from supportive U.S. regulation, improved confidence, and expanding institutional adoption of cryptocurrencies. Despite strong momentum, BITQ faces high volatility and risk, with potential for corrections as crypto prices reach new highs and regulatory uncertainty persists. BITQ receives high momentum grades and attractive quant ratings, making it a compelling option for investors seeking crypto exposure without directly owning tokens. Bitcoin, the leading cryptocurrency, reached its latest all-time high of $124,198.52 in August 2025. Ethereum, the second-leading cryptocurrency, did the same, rising to a record high of $4,953.929 during the same month. Bitcoin and Ethereum account for over 70% of the entire asset class’s value. I last wrote about the Bitwise Crypto Industry Innovators ETF ( BITQ ) on Seeking Alpha on December 12, 2024 , where I concluded: Bitcoin, BITQ, and crypto-related assets are not for the faint of heart. While the trend remains bullish, expect a rocky and volatile path over the coming weeks and months, despite the incoming administration’s support for the burgeoning asset class. Bitcoin was trading just below the $101,750 level on December 12, 2024, with the BITQ ETF at $21.30 per share. While Bitcoin and Ethereum prices have moved higher since late 2024, the BITQ ETF was trading above $24.50 in late September 2025. BITQ remains in a bullish trend with technical resistance at the November 2021 record high of $35.68 per share. Bullish trend in cryptocurrencies and the BITQ ETF The two leading cryptocurrencies, Bitcoin and Ethereum, account for over 70% of the asset class’s market cap. Cryptocurrency Prices and Values (coinmarketcap.com) As the chart highlights, Bitcoin accounted for 58.2% and Ethereum 12.7% of the $3.82 trillion value. Bitcoin’s value is over 4.6 times greater than Ethereum, while Ethereum’s value is over 2.75 times greater than third-place Tether, the leading stablecoin tied to the U.S. dollar. Bitcoin and Ethereum remain in medium-term bullish trends in late September 2025. The potential for corrections rises with the prices Bitcoin’s ascent has been nothing short of spectacular. 15-Year Monthly Chart of Bitcoin (Barchart) The monthly chart highlights Bitcoin’s rise to over $124,000 per token. Meanwhile, the road to the most recent high in August 2025 has been bumpy, with more than a few significant corrections that have taken the leading cryptocurrency substantially lower on a percentage basis. Monthly Ethereum Chart (Barchart) The monthly chart highlights a similar bullish pattern for the second-leading cryptocurrency, Ethereum, which has experienced its share of substantial percentage corrections over the past few years. While Bitcoin and Ethereum remain in bullish trends, the higher prices rise, the greater the odds of another significant downside correction. The bullish case - Regulations and U.S. government support The bullish case for cryptocurrencies includes: The medium and long-term trends remain higher, with the leading cryptocurrencies reaching new record highs in 2025. The U.S. administration has been highly supportive of the cryptocurrency asset class, which supports the bullish trend. Regulations have improved confidence in the asset class, supporting growth and higher prices. Financial institutions have increased the opportunity for portfolio diversification into cryptocurrencies, expanding the asset class’s addressable market. The overall market cap at just under $4 trillion remains small compared to stocks, bonds, commodities, real estate, and other traditional asset classes, suggesting significant room for growth. The bearish case - The current level and governmental interference The bearish case includes: Cryptocurrency prices have experienced incredible appreciation, with Bitcoin rising from $0.05 in 2010 to over $110,000 per token in late September 2025. Ethereum has increased from just over $6 in late 2016 to approximately $4,000 per token as of late September 2025. The higher the prices rise, the greater the odds of another correction. There are still naysayers who doubt the intrinsic value of cryptocurrencies. The asset class’s global nature, storage issues, and other factors could lead to computer hacks that threaten investors’ and traders’ faith in cryptocurrencies. Governmental control of the money supply through the fiat currency system is critical for maintaining power. If the market capitalization of the cryptocurrency asset class reaches a level that threatens control of the money supply, governments could decide to ban or limit access, leading to panic selling. There are both bullish and bearish factors underlying cryptocurrencies as the asset class heads into the final quarter of 2025. However, the trend and expanding addressable market likely favor higher prices over the coming weeks and months. BITQ is highly correlated with the cryptocurrency asset class The fund profile for the Bitwise Crypto Industry Innovators ETF ((BITQ)) states: BITQ Fund Profile (Seeking Alpha) While the most direct route for cryptocurrency exposure is through investment or risk positions in specific tokens, BITQ owns shares in publicly traded companies that tend to track the overall performance of the asset class. BITQ’s most recent top holdings include: Top Holdings of the BITQ ETF Product (Seeking Alpha) As the chart illustrates, BITQ holds shares in leading cryptocurrency platforms, miners, and related businesses. At $24.52 per share, BITQ had $415.3 million in assets under management. BITQ trades an average of 212,000 shares daily, charges a 0.85% management fee, and pays shareholders an annual blended $0.15 dividend, translating to a 0.61% yield. The BITQ ETF has increased by over 15% since I last covered it on Seeking Alpha on December 12. One-Year Chart of the BITQ ETF Product (Barchart) The year-to-date chart shows BITQ’s 45.3% rally since the end of 2024. BITQ Seeking Alpha ETF Grades (Seeking Alpha) BITQ earns an A+ Seeking Alpha ETF Grade in momentum and a B in liquidity. The high management fee receives a D in expenses, while the 0.60% yield receives a D- in dividends. The extremely high risk of the cryptocurrency asset class near all-time highs receives a failing grade in the risk category. Seeking Alpha’s quant ratings for BITQ are attractive as the ETF is in the top 3% of the overall asset class, the top 1.1% of the ranked asset class, and is ranked higher than 93.5% of the subclass in the sector. BITQ provides a diversified option for investors and traders seeking crypto exposure without owning the cryptocurrencies or specific companies that benefit from the asset class’s bullish trend.
