Bitwise Asset Management, the crypto-financial firm behind the world first cryptocurrency index fund, has come under the spotlight recently after an apparent update of its Bitwise 20 Mid Cap crypto index on the 10th of December. The crypto index-BITW20- holds assets ranked 11-30 within the crypto world. Together the crypto asset indexes give Bitewise Asset Management complete market-cap-based index coverage of the cryptocurrencies within the industry.

The Bitwise Invest 20, the mid-cap index, consists of the 20 leading cryptocurrencies assets and the recent update by the crypto asset management firm raising questions in the market. According to the latest update, Tron makes up 15.37% of the Bitwise Invest 20, taking up the most significant share of the index. Surprisingly, other top portions within the index include- 11.58% in NEM, 11.45% in IOTA, 9.66% in Ethereum Classic and 5.48% in NEO. Other notable cryptocurrencies with negligible portions include Dogecoin, Decred, Tezos, Lisk and Bitcoin Gold.

Additional the release update features the Bitwise 10 Large-Cap crypto index, which comprises of the leading ten cryptocurrencies in the market. The asset management's index consists of 66.38% in Bitcoin, 13.64% in XRP and 9.40% in Ethereum. A further 2.30% is in Stellar, and 2.02% in OES. Notably, Bitcoin, Litecoin, Dash, Monero and Zcash also feature in the list.

The update by Bitwise Asset Management has not gone unnoticed, with plenty of commentary and analysis by leading crypto enthusiasts on the outlook of the portfolio. Mike Dudas, a Co-founder of Button, was perhaps the most individual reacting to the apparent investment portfolio. He says:

“I just looked at the five largest assets in the @BitwiseInvest 20 and wanted to cry.”

The portfolio was subject to further criticism from multiple sources across the crypto world. For example, Aditya Das, a crypto-market analyst and enthusiast give his verdict by saying, “I'm blown away by this… It has Bitcoin Gold, Lisk and the largest chunk of the basket is TRX? Not even the most daring alt-coin trader would have a portfolio like this.”

Starving meme artist, a crypto Twitterati also gives his openly savage opinion on the Bitwise Invest 20 index by adding:

“LOL, they also have 5.26% in Dogecoin and 4.2% in BTG. XD holy shit that hilarious, 1/20th of this shit is in fucking dogecoin.”

Despite, the open criticism by a good part of the crypto community, Bitwise's CEO, Hunter Horsley attributes the investment portfolio to the need to diversify their holdings within the crypto market. According to him, the cryptocurrency market crash and especially Bitcoin's price is responsible for the current situation in the market.

Horsley further believes that the cryptocurrency market is in a lousy place and much of it is behaving like the trading on the public equity market.

Bitwise Asset Management is a San-Francisco based crypto index and Beta Fund provider within the digital asset space. The development team combines its modern software expertise and asset management experience to provide well-constructed indexes and index-linked products.

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