Bitwise Lists 5 Crypto ETPs on Italian Exchange Amid Extreme Market Fear

VADODARA, February 9, 2026 — Asset manager Bitwise has listed five physically-backed crypto exchange-traded products (ETPs) on Italy's Borsa Italiana, marking its first direct entry into the Italian market. This latest crypto news arrives as Bitcoin trades at $68,874 with a 24-hour decline of -2.71% and the Crypto Fear & Greed Index registers Extreme Fear at 14/100. According to European financial news outlet RankiaPro, the ETPs include Bitcoin (BTC) and Ethereum (ETH) products, providing European investors with regulated exposure. Market structure suggests this expansion contradicts prevailing negative sentiment, raising questions about timing and underlying demand.

Investigation: Bitwise's Italian Market Entry

Bitwise listed five crypto ETPs on the Borsa Italiana on February 9, 2026. All products are physically backed, meaning they hold the underlying cryptocurrencies directly. This move represents Bitwise's inaugural direct listing in Italy, expanding its European footprint beyond existing markets like Germany and Switzerland. The listing includes ETPs for Bitcoin and Ethereum, alongside three other undisclosed crypto assets. According to RankiaPro, the announcement lacked specific volume targets or investor commitments, leaving market analysts to question the immediate liquidity impact. The Italian stock exchange, Borsa Italiana, operates under the Euronext group, providing a regulated venue for institutional participation.

Market Context & Historical Precedent

Historically, crypto ETP launches in Europe have coincided with bullish cycles, not Extreme Fear environments. For instance, the 2021 wave of European crypto ETPs followed Bitcoin's rally above $60,000. In contrast, Bitwise's Italian listing occurs as Bitcoin breaks below key support at $69,000. This divergence suggests either strategic foresight or misaligned timing. , European regulatory clarity under MiCA (Markets in Crypto-Assets Regulation) has encouraged product launches, but on-chain data indicates weak retail accumulation. Consequently, the listing may serve more as a market-making exercise than genuine demand capture. Related developments include Bitcoin's recent breakdown below $69,000 support and research on gamma squeeze dynamics driving volatility.

Technical Architecture & Price Action

Market structure reveals critical contradictions. Bitcoin currently trades at $68,874, below the psychological $70,000 level. The 24-hour trend shows a -2.71% decline, indicating sustained selling pressure. Technical analysis identifies a Fair Value Gap (FVG) between $72,000 and $75,000 that requires filling for bullish continuation. The Relative Strength Index (RSI) sits near 40, suggesting neither oversold nor overbought conditions. Volume profile analysis shows thin liquidity below $65,000, creating a potential liquidity grab zone. A Fibonacci retracement from the 2025 high of $98,000 places the 0.618 support at $82,000, which has already broken. This breakdown invalidates the previous bullish order block, shifting focus to the $65,000 support cluster. Ethereum's price action mirrors Bitcoin, with its own FVG around $3,800.

By The Numbers

Why It Matters

This listing matters for three reasons. First, it expands regulated crypto access in Europe's fourth-largest economy. Second, it tests institutional appetite during Extreme Fear sentiment. Third, physically-backed ETPs require actual cryptocurrency holdings, potentially creating buy-side pressure if demand materializes. However, on-chain data from Glassnode shows declining exchange reserves, suggesting weak immediate uptake. The European Central Bank's cautious stance on crypto, detailed in official reports, adds regulatory headwinds. Market analysts question whether this is a liquidity grab or genuine product expansion.

Expert Commentary

"Bitwise's Italian listing is a structural positive but faces immediate macro headwinds. The Extreme Fear sentiment contradicts typical ETP launch environments, suggesting either premature timing or a contrarian accumulation play. Investors should monitor the $65,000 Bitcoin support for market validation." — CoinMarketBuzz Intelligence Desk

Market Outlook & Price Scenarios

Two data-backed scenarios emerge. Bullish case: ETP inflows stabilize Bitcoin above $65,000, filling the FVG to $75,000. Bearish case: Weak demand exacerbates selling, breaking $65,000 and targeting the $60,000 gamma squeeze zone. The 12-month outlook hinges on MiCA implementation and institutional adoption cycles.

• Bullish Invalidation Level: $75,000. Breaking this resistance confirms trend reversal and validates ETP demand.
• Bearish Invalidation Level: $65,000. Losing this support invalidates the current structure and signals deeper correction.

Historical cycles suggest that product expansions during fear phases can precede rallies, but require 3-6 months for liquidity to materialize. The 5-year horizon remains positive due to regulatory clarity, but short-term volatility dominates.