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- The entire variety of hedge funds holding Bitcoin ETFs has reached 1,950, with 701 funds newly added to the listing.
- Millennium Administration stays the highest contender, though it has diminished its place in FBTC, IBIT, and GBTC.
- Noelle Acheson feedback that the rising demand for ETFs is encouraging, contemplating the bear market.
A Bloomberg report has revealed that the variety of hedge funds holding Bitcoin exchange-traded funds (ETFs) has grown to 1,950, with 701 new funds including spot Bitcoin ETFs to their holdings. High consumers embrace Millennium Administration, Capula Funding Administration, Schonfeld Strategic Advisors, and Steven Cohen’s Point72 Asset Administration.
The Securities and Alternate Fee (SEC) authorized 11 asset managers’ purposes to launch their Bitcoin ETFs in January 2024. Since then, there was a rising curiosity in Bitcoin ETFs amidst the extremely unstable crypto market. Whereas the ETF launch and its subsequent developments have considerably impacted the market, with Bitcoin reaching a brand new all-time excessive (ATH) of $73K in March, hedge funds and banks began investing within the ETFs.
Following the ultimate submission of the 13F studies on Wednesday, a burgeoning demand for Bitcoin ETFs amongst hedge funds within the second quarter has been recognized. Millennium Administration, the highest contender of the rally, which presently owns $68 billion in property below administration, has made important changes in its ETF portfolio. Whereas the fund has diminished its place in Bitcoin ETFs, together with Constancy’s FBTC, BlackRock’s IBIT, and Grayscale’s GBTC, it has elevated holdings in Bitwise’s BITB and MicroStrategy’s MSTR. As soon as hailed the “king of bitcoin ETF holders,” the platform stays the biggest holder of a lot of the funds.
One other important purchaser of the ETFs was Looking Hill World Capital, a hedge fund that has reportedly been concerned within the crypto area since 2016. In its 13F submitting, the agency reported holdings in IBIT shares and highlighted the importance of ETF market growth.
Analyzing the present traits in Bitcoin ETFs, Noelle Acheson, writer of the “Crypto Is Macro Now” publication, commented that the demand for Bitcoin ETFs is encouraging, given the prevailing bearish crypto market. She added that though Bitcoin dropped by almost 13% within the quarter, not many monetary advisors had been capable of suggest ETFs to their shoppers.
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