Bitcoin ETFs attract money against the trend: 701 institutional funds increase their holdings, and may surpass Satoshi Nakamoto's holdings in October

Original title: "Big investors are frantically picking up low-priced BTC? US 13F report: 701 institutional funds bought Bitcoin spot ETFs in Q2"

Original author: Zhang joy, BlockTempo

After Bitcoin spot ETFs were approved for listing by the SEC in early January this year, they have undergone 7 months of market testing. During this period, Bitcoin once reached a high of $73,000 and then continued to fluctuate as if it had stalled, which was far from meeting investors' original expectations and made people doubt whether institutions had entered the market.

Bloomberg: 701 new funds reported holding Bitcoin spot ETFs

However, according to Bloomberg’s latest report today (16), the just-concluded US 13F institutional holdings report revealed that 701 new funds have increased their holdings of Bitcoin spot ETFs in Q2, bringing the total number of holders to 1,950 funds.

Among them, well-known buyers include hedge fund giant Millennium Management, which has an asset management scale of US$68 billion and is the largest holder of at least 5 Bitcoin spot ETFs. Other buyers include Capula Investment Management, Schonfeld Strategic Advisors and Steven Cohen’s Point72 Asset Management.

Note: The 13F report is a quarterly report that the U.S. Securities and Exchange Commission (SEC) requires investment institutions or consultants with assets under management of more than $100 million to submit within 45 days after the end of each quarter, disclosing their common stocks (including ETFs), options, American depositary receipts (ADRs), convertible bonds, etc.

Analyst: The entry of a large number of funds is exciting

In this regard, cryptocurrency author Noelle Acheson said that with the current poor performance of Bitcoin prices and few financial advisors being allowed to recommend Bitcoin ETF products to clients, it is an exciting and happy event for investors to have so many funds investing in Bitcoin spot ETFs.

In addition, Acheson also added that with Wall Street investment bank Morgan Stanley allowing its financial advisors to recommend Bitcoin spot ETFs to clients last week, more large investment banks may open this condition in the future to bring more demand to the Bitcoin market.

The scale of US Bitcoin spot ETF reaches 53.6 billion US dollars

According to Sosovalue data, since the US Bitcoin spot ETF was listed in January this year, as of August 14, the fund scale has reached 53.6 billion US dollars, accounting for 4.59% of the total market value of Bitcoin.

Eric Balchunas, senior ETF analyst at Bloomberg, also wrote this week that BlackRock IBIT now holds 347,767 million Bitcoins, second only to the holdings of exchange Binance and Bitcoin founder Satoshi Nakamoto.

In addition, according to the current growth scale (currently 900,000), the number of Bitcoins held by the US Bitcoin ETF may be expected to surpass the 1.1 million Bitcoins held by Satoshi Nakamoto in October.

Original link