- The whole variety of hedge funds holding Bitcoin ETFs reached 1,950, with 701 funds newly added to the listing.
- Millennium Administration stays a high contender, though it has decreased its place in FBTC, IBIT and GBTC.
- Noelle Acheson notes that rising demand for ETFs is encouraging given the bear market.
A Bloomberg report revealed that the variety of hedge funds holding bitcoin exchange-traded funds (ETFs) rose to 1,950, with 701 new funds including spot bitcoin ETFs to their holdings. The largest consumers embody Millennium Administration, Capula Funding Administration, Schonfeld Strategic Advisors and Steven Cohen's Point72 Asset Administration.
The Securities and Change Fee (SEC) has authorized 11 requests from asset managers to launch their Bitcoin ETFs in January 2024. Since then, curiosity in Bitcoin ETFs has been rising amid a extremely risky crypto market. Whereas the launch of the ETF and its subsequent improvement had a major affect available on the market, with Bitcoin reaching a brand new all-time excessive (ATH) of $73,000 in March, hedge funds and banks started investing in ETFs.
After Wednesday's closing 13F submitting, demand for bitcoin ETFs amongst hedge funds was discovered to be rising within the second quarter. Millennium Administration, the rally's main contender, which at the moment has $68 billion in belongings underneath administration, has made vital changes to its ETF portfolio. Whereas the fund decreased its place in bitcoin ETFs, together with Constancy's FBTC, BlackRock's IBIT and Grayscale's GBTC, it elevated holdings in Bitwise's BITB and MicroStrategy's MSTR. As soon as hailed because the “King of Bitcoin ETF Holders,” the platform stays the most important holder of most funds.
One other notable purchaser of the ETF was Looking Hill World Capital, a hedge fund that has reportedly been concerned within the crypto house since 2016. In its 13F submitting, the agency introduced its holdings of IBIT shares and highlighted the significance of the enlargement of the ETF market.
Analyzing present traits in Bitcoin ETFs, Noelle Acheson, creator of the “Crypto Is Macro Now” publication, famous that demand for Bitcoin ETFs is encouraging given the prevailing cryptocurrency bear market. She added that though Bitcoin fell almost 13% within the quarter, few monetary advisors have been capable of advocate the ETF to their shoppers.
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