The second wave of 13F filings for bitcoin (BTC) exchange-traded funds (ETFs) is painting a picture of increasing institutional interest in the digital asset. While the data offers a snapshot as of June 30, it provides valuable insights into investor behavior during the quarter.
Big-name financial institutions have continued to pile into bitcoin ETFs. Goldman Sachs, for instance, disclosed approximately $400 million in various bitcoin ETF holdings, while Morgan Stanley revealed a substantial position in BlackRock’s iShares Bitcoin Trust (IBIT). These heavyweight investors joining the fray underscores growing institutional acceptance of bitcoin as an asset class.
However, the landscape is not entirely rosy. Wisconsin’s pension fund, which held positions in both IBIT and Grayscale Bitcoin Trust (GBTC) last quarter, made a notable shift. It increased its stake in BlackRock’s ETF but completely exited its position in Grayscale. This decision highlights the evolving dynamics among bitcoin investment products.
Bitwise, a digital asset index provider, has delved deeper into the 13F data. The firm found a 30% increase in total filings compared to the previous quarter, indicating broader participation in the bitcoin ETF market. Moreover, 44% of filers expanded their holdings, demonstrating a bullish sentiment.
“That’s a pretty good result, on par with other ETFs,” said Matt Hougan, a key figure at Bitwise. While the data shows a positive trend, it’s important to note that 21% of filers reduced their positions, and 13% exited completely, as evidenced by Wisconsin’s move.
Also Read: South Korea’s National Pension Service Acquires $34M MicroStrategy Stake – Bitcoin Exposure Grows
Hedge funds have emerged as prominent players in the bitcoin ETF space. Names like Millennium, Schonfeld, Boothbay, and Capula are among the top holders of various bitcoin ETFs. Nevertheless, the investor base extends beyond hedge funds, encompassing family offices, advisors, and other institutional investors.
While the 13F filings offer a glimpse into institutional appetite for bitcoin ETFs, it’s crucial to remember that the data is slightly outdated. As the market evolves rapidly, subsequent filings will provide more current information on investor behavior. Nonetheless, the current trend suggests a growing institutional embrace of bitcoin, which could have significant implications for the broader cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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