Bloomberg: Big funds continue to enter the market, Bitcoin ETFs attract $17 billion in net inflows this year

Hedge funds, pensions and banks continue to pour money into exchange-traded funds that invest directly in Bitcoin as more traditional investors begin to accept this asset class, which U.S. regulators reluctantly pushed into the mainstream at the beginning of this year.

The most well-known buyers include hedge funds such as Millennium Management, which holds shares in at least five Bitcoin ETFs, according to Bloomberg's analysis of second-quarter filings from the U.S. Securities and Exchange Commission. The company manages $68 billion in assets, which has significantly cut its ETF holdings from the previous quarter, but it is still the largest holder of most funds, including BlackRock's iShares Bitcoin Trust (ticker: IBIT).

Capula Investment Management, Schonfeld Strategic Advisors and Steven Cohen's Point72 Asset Management also reported holdings in ETFs. Other buyers include the Wisconsin Investment Committee and market makers, which are spread across Hong Kong, the Cayman Islands, Canada and Switzerland.

Data compiled by Bloomberg show that after Wednesday’s deadline for filing second-quarter 13F reports with the U.S. Securities and Exchange Commission, 701 new funds reported holdings in spot bitcoin ETFs, bringing the total number of holders to nearly 1,950.

Spot bitcoin ETFs launched in January have exceeded expectations in both fund flows and assets. Overall, the group of ETFs, including new entrants, has attracted $17 billion in net inflows this year, and BlackRock’s IBIT has swelled to a $20 billion behemoth. The existence of such ETFs offers everyday investors an easier way to trade bitcoin.

Noelle Acheson, author of the “Crypto Is Macro Now” newsletter, said the increase in holders is particularly encouraging given the poor performance of bitcoin prices (down nearly 13% this quarter) and the fact that not many financial advisors are allowed to recommend ETFs to clients.

“It reflects investors’ conviction and taking the time to ‘do the work,’ ” she said. “So far, Morgan Stanley is the only large, integrated firm whose financial advisors can recommend a BTC spot ETF diversified position #美国CPI数据连续第4个月回落 #美国7月PPI低于预期 #加密市场反弹