American philanthropist and hedge fund manager Steve Cohen's Point72 invested $77.5 million in Fidelity Wise Origin Bitcoin Fund (FBTC), a spot Bitcoin exchange-traded fund (ETF), at the end of the first quarter. This shows that hedge funds' interest and investment trend in Bitcoin is increasing.
Growing Interest in Spot Bitcoin ETFs
Point72 is among several well-known hedge funds that allocate funds to spot Bitcoin ETFs. This group also includes Paul Singer's Elliott Capital and Izzy Englander's Millennium Management. As of March 31, these funds are the largest institutional investors, with fund allocations of approximately $2 billion.
According to data from Bitcoin brokerage firm River, 13 of the 25 largest hedge funds in the US invested in spot Bitcoin ETFs in the first quarter. This widespread adoption reflects Bitcoin's broader acceptance within the hedge fund community.
The Impact of Hedge Funds on Bitcoin
Experts note that hedge funds buy these ETFs for various strategic reasons beyond long-term appreciation. Factors such as market making, hedging against other investments, generating returns and short-term trading opportunities stand out. The versatility of spot Bitcoin ETFs makes them attractive in modern portfolios.
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I EXPLAIN IN DETAIL.
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