Bitwise pitched a diversified 10-crypto fund, then lost $500 million as Bitcoin swallowed 78% of the portfolio

- Bitwise pitched a "diversified" 10-crypto fund and then watched Bitcoin eat 78% of the portfolio like a relay window swallowing all bandwidth. Net assets at BITW got halved — down from $1.03 billion to $532.8 million — with a negative 36.16% NAV return per share and $161.2 million in redemptions against a laughable $