ETF issuer Bitwise CEO Hunter Horsley optimistically predicts that by the end of 2024, many wealth management firms will increase their holdings of Bitcoin ETF. These individuals are intelligent and well-informed, and they will become increasingly confident in Bitcoin and only go long.
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Many companies are quietly buying Bitcoin ETF
13F reports reveal minimal holdings
Horsley’s post was made after the completion of the fourth Bitcoin halving. On the eve of the halving, the spot ETF ended its five-day net outflow since the 12th. On April 19th, the total net inflow was $59.56 million. After the Bitcoin halving, the currency price did not experience significant fluctuations and fluctuated in the range of 63K to 65K.
Horsley previously mentioned that registered investment advisors (RIA) and multi-family offices are thoroughly evaluating the Bitcoin market and making purchases, but it seems that few people are openly discussing this matter.
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He optimistically predicts that by the end of 2024, many wealth management firms will increase their holdings of Bitcoin ETF. He also states that these individuals are intelligent and well-informed, and they will become increasingly confident in Bitcoin and only go long.
However, according to Bloomberg ETF analyst Eric Balchunas’s latest statistics, only about 60 institutions, mainly funds and advisory firms, have purchased BlackRock’s IBIT, accounting for only 0.4% of the total shares of IBIT. The largest proportion is held by RIA Quattro Advisors based in Pittsburgh. As of the end of March, it has purchased $19 million of IBIT, making it the third-largest holding, accounting for 5%.
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Institutional investors have not flocked to Bitcoin, 13F reports reveal only 30 fund managers buying IBIT
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Since the U.S. Bitcoin spot ETF was officially launched on January 11th this year, and the first 13F report covers data until the end of March, with the deadline in mid-May. This may indicate that Bitcoin spot ETF is mainly held by retail investors, or institutional investors are still testing the waters.
13F report
Bitwise
Hunter Horsley
Bitcoin ETF
Further reading
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Bitwise announced the wallet address of Bitcoin spot ETF (BITB) and immediately received 6969 sats.