Source: Stuart Mooney
Dave McCormick’s Investment in Bitwise Bitcoin ETF
In an intriguing move, Dave McCormick, a savvy investor known for his financial acumen, recently invested in the Bitwise Bitcoin ETF (AMEX:BITB) during a notably challenging period for U.S. spot crypto-ETFs. McCormick’s purchase, which occurred on November 25, 2025, was valued between $15,001 and $50,000. This transaction was disclosed two days later on November 27, 2025. The Bitwise Bitcoin ETF is a fund that primarily focuses on investing in Bitcoin, with the primary aim of providing investors with exposure to the volatile but potentially lucrative cryptocurrency market.
The Current Challenges Faced by U.S. Spot Crypto-ETFs
The U.S. spot crypto-ETFs are currently facing a tough period. Funds like BITB that focus predominantly on Bitcoin have experienced significant capital outflows. November was particularly brutal, with a massive $870 million withdrawn on November 13 alone. This data, highlighted by Bloomberg Intelligence and aggregated by Barchart, marks the second-largest single-day withdrawal since the inception of Bitcoin ETFs.
The entire month of November saw redemptions from spot Bitcoin funds exceed a staggering $3.7 billion. This figure makes it the worst month on record for Bitcoin ETFs. In a broader perspective, the crypto ETF market saw $6 billion vanish in November, with a few days still left in the month. This massive outflow has been a significant contributing factor to the 21% decline in Bitcoin’s price for the month, affecting investor sentiment and driving a bearish outlook.
The “Death Cross” Technical Warning
Adding to the woes of Bitcoin investors and enthusiasts, the leading cryptocurrency’s price has dropped significantly. It’s currently trading around $84,000, a steep fall from its record high of nearly $126,000. A recent “death cross” technical warning, where Bitcoin’s 50-day moving average fell below its 200-day moving average, suggests weakening momentum. This pattern often indicates potential further declines, raising concerns about Bitcoin’s future trajectory and the general sentiment in the crypto market.
The Current State of BITB’s Stock
Despite the turbulence in the cryptocurrency market, BITB’s stock seems to be weathering the storm. The stock is currently priced at $48.86, reflecting a 2.91% increase. The stock has fluctuated between $47.09 and $49.15 within a single day. Looking back over the past year, BITB has reached a high of $68.74 and a low of $41.17. The company’s market capitalization sits at an approximate $3.74 billion, with a trading volume of 2,023,598 shares on the AMEX exchange.
Final Thoughts
The recent investment by Dave McCormick in the BITB amidst a challenging period for U.S. spot crypto-ETFs could be interpreted as a bullish signal by some investors. Despite the current climate of significant capital outflows and the “death cross” technical warning, McCormick’s investment may suggest a belief in the potential long-term growth of Bitcoin. However, the current state of the cryptocurrency market emphasizes the need for investors to exercise due diligence and carefully consider their risk tolerance before investing in volatile assets such as Bitcoin.