Bitcoin prices fell nearly 13% in the second quarter, and holding documents showed that the number of funds holding Bitcoin spot ETFs increased by 701. Millennium reduced its holdings of this type of ETF position in the second quarter, but still held at least five ETFs, and was the largest holder of most ETFs, including BlackRock ETF IBIT.
According to the documents submitted to the regulatory authorities, as more traditional investors begin to accept it,$Bitcoin (BTC.CC)$In the second quarter of this year, hedge funds, pension funds, and banks continued to pour a large amount of funds into the direct investment bitcoin exchange traded funds- Bitcoin spot ETFs, which were listed for trading only in January of this year.
Media analysis of the 13F filings recently submitted to the U.S. Securities and Exchange Commission (SEC) by institutions has revealed second-quarter holdings, with some well-known hedge fund buyers of Bitcoin physical ETFs, including Millennium Management, Capula Investment Management, Schonfeld Strategic Advisors, and Steven Cohen's hedge fund giant Point72 Asset Management. In addition to hedge funds, buyers of such ETFs include the Wisconsin Retirement System and the state's investment fund Wisconsin Investment Committee, as well as market makers operating in locations such as Hong Kong, the Cayman Islands, Canada and Switzerland.
Among them, Millennium Management, which manages $68 billion in assets, holds at least five Bitcoin spot ETFs, including the ones issued by Blackrock.$iShares Bitcoin Trust (IBIT.US)$Millennium's IBIT holdings in the second quarter decreased by 48% compared to the first quarter, with a market value of approximately 0.371 billion US dollars at the end of the quarter, and holdings of GrayScale, which has transformed into an ETF, and Fidelity Wise Origin Bitcoin ETF (FBTC) issued by Fidelity also decreased by 52% and 14%, respectively.$Grayscale Bitcoin Trust (GBTC.US)$The media pointed out that Millennium significantly reduced its holdings of Bitcoin ETFs in the second quarter, but it is still the largest holder of most Bitcoin ETFs.
13F filings show that Capula Investment Management held a total of about $0.464 billion in physical Bitcoin ETFs in the second quarter, including about $0.253 billion in IBIT and $211 million in FBTC.
According to media statistics, after the August 14 deadline for filing 13F filings with the SEC this Wednesday, a total of 701 funds holding physical Bitcoin ETFs were added, bringing the total number of funds holding such ETFs to nearly 1,950.
It's worth mentioning that the above funds are holding Bitcoin ETFs despite Bitcoin prices falling nearly 13% this year in the second quarter. Noelle Acheson, author of Crypto Is Macro Now, commented on the cryptocurrency market and macroeconomic situation, stating that the increase in Bitcoin ETF holders is particularly encouraging, given Bitcoin's poor price performance in the second quarter and the fact that there are few financial advisors allowed to recommend Bitcoin ETFs to clients.
Wall Street News previously mentioned that the approval of 11 physical Bitcoin ETFs for listing in the United States in January of this year marked a further lowering of the threshold for Bitcoin investment tools, giving investors a more convenient and lower-cost investment avenue. Although Bitcoin is facing market volatility, exchange collapses and criticism from heavyweight financiers, its resilience has been validated by the market. In response to client demand, this month Morgan Stanley set a precedent on Wall Street, becoming the first major bank to allow its financial advisors to promote Bitcoin ETFs. From the 7th of this month, about 15,000 Morgan Stanley financial advisors can recommend IBIT and FBTC to their clients.
Media estimates suggest that net inflows into physical Bitcoin ETFs since their launch in January total $17 billion, with IBIT's assets growing to $20 billion. Performance of these types of Bitcoin ETFs has exceeded expectations in terms of both fund flow and asset management.
Editor/Somer