Bitcoin News
WisdomTree’s BTCW vs Invesco’s BTCO: debunking the liquidity myth
Trading volume and year-to-date returns
Invesco Galaxy Bitcoin ETF (BTCO) shows a 3-month average volume value of $4.94M. WisdomTree Bitcoin Fund (BTCW) shows a 3-month average volume value of $1.59M. BTCO maintains a 1-month average volume value of $3.70M. BTCW maintains a 1-month average volume value of $1.41M. BTCO shows a 2-week average volume value of $3.36M. BTCW shows a 2-week average volume value of $2.01M. BTCO reports a year-to-date return of -11.83%. BTCW reports a year-to-date return of -11.96%. BTCO produced a 93.87% return in 2024. BTCW produced a 92.79% return in 2024. Both funds charge a 0.25% expense ratio. BTCO holds a 52-week range from $57.76 to $125.96.
BTCO has more volume.
BTCO manages $393.48M in assets. BTCW manages $162.30M in assets. BTCO launched on January 11, 2024. BTCW launched on January 11, 2024. BTCO uses the Lukka Prime Bitcoin Reference Rate as its benchmark. BTCW uses the CME CF Bitcoin Reference Rate – New York Variant Index. BTCO works with Galaxy Asset Management for execution. BTCO uses Coinbase for custody. BTCO volatility for the 1-year period measures 45.11%. BTCW volatility for the 1-year period measures 45.03%.
Price discovery and volatility metrics
BTCO leads price discovery against bitcoin spot according to Information Leadership Share (ILS) results. The fund also shows higher Information Share (IS) and Component Share (CS) than bitcoin spot. BTCO volatility for the 6-month period measures 26.47%. BTCW volatility for the same period measures 26.56%. Both funds saw maximum drawdowns exceeding 53%. BTCO recorded a maximum drawdown of -53.33%. BTCW recorded a maximum drawdown of -53.37%. BTCO reports a current drawdown of -38.58%. BTCW reports a current drawdown of -38.63%. BTCO holds a Value at Risk of 4.01%. BTCW holds a Value at Risk of 3.93%. BTCO has a CVaR of 5.94%. BTCW has a CVaR of 5.93%. BTCO recorded a maximum drawdown duration of 64 days. BTCO produced a -6.58% return in 2025. BTCW produced a -6.05% return in 2025. BTCO shows a Sharpe ratio of -0.73 with a 0.38 adjustment. BTCW shows a Sharpe ratio of -0.73 with a 0.38 adjustment. BTCO shows a Sortino ratio of -0.92 with a 0.81 adjustment. BTCW shows a Sortino ratio of -0.92 with a 0.81 adjustment. BTCO shows an Omega ratio of 0.90 with a 0.09 adjustment. BTCW shows an Omega ratio of 0.90 with a 0.09 adjustment. BTCO shows a Calmar ratio of -0.62 with a 0.30 adjustment. BTCW shows a Calmar ratio of -0.62 with a 0.30 adjustment. BTCO shows a Martin ratio of -0.87 with a 0.49 adjustment. BTCW shows a Martin ratio of -0.88 with a 0.49 adjustment.
BTCO’s 10-day RSI indicator moved out of overbought territory on September 04, 2026. The Momentum Indicator for BTCO fell below 0 on September 08, 2026. BTCO momentum is low. The Moving Average Convergence Divergence Histogram for BTCO turned negative on September 10, 2026.
Does volume matter?
BTCO manages $393.48M in assets. BTCW manages $162.30M in assets. BTCO launched on January 11, 2024. BTCW launched on January 11, 2024. BTCO uses the Lukka Prime Bitcoin Reference Rate as its benchmark. BTCW uses the CME CF Bitcoin Reference Rate – New York Variant Index. BTCO works with Galaxy Asset Management for execution. BTCO uses Coinbase for custody. BTCO volatility for the 1-year period measures 45.11%. BTCW volatility for the 1-year period measures 45.03%.
| Spec | BTCO | BTCW |
|---|---|---|
| Expense Ratio | 0.25% | 0.25% |
| 3M Avg Volume | $4.94M | $1.59M |
| YTD Return | -11.83% | -11.96% |
| 6M Volatility | 26.47% | 26.56% |
| Max Drawdown | -53.33% | -53.37% |
| AUM | $393.48M | $162.30M |
Options access and final verdict
The SEC approved a Cboe Options Exchange rule amendment for options on BTCW. This allows traders to manage risk through volatility positioning or hedging. You should look at volume if you trade large blocks. BTCO leads price discovery in terms of pure speed because its Information Leadership Share remains higher than the bitcoin spot price according to analyzed market data from the previous months. BTCO’s returns do not match the performance of bitcoin because the fund incurs the Sponsor Fee and other expenses. Bitcoin faces scaling obstacles that lead to high fees or slow transaction settlement times. The price of bitcoin may be impacted by the behaviour of a small number of influential individuals or companies. Bitcoin ownership is pseudonymous. Miners could act in collusion to raise transaction fees. BTCO leads in volume.
