Bloomberg reported that hedge funds, pension funds and banks are investing capital in bitcoins. They are doing so through ETFs. It is already about 1,950 such entities.
701 new funds enter bitcoin market
According to the new 13F forms for the second quarter, which American entities must file with the Securities and Exchange Commission (SEC), 1,950 funds and banks have now invested in BTC ETFs. In Q2 this year, the number of such companies jumped by 701 (hence the total result of 1,950).
The BTC ETF market has been entered by, among others, Millennium Management, Capula, Schonfeld, Point72 and State of Wisconsin Investment Board.
BTC spot ETFs have “swollen” this year (they were created in early January) by $17 billion. BlackRock’s IBIT has grown into a market giant.
Noelle Acheson, author of the Crypto Is Macro Now newsletter, pointed out that the growing number of BTC ETF unit holders shows that more and more large entities are becoming interested in cryptocurrencies.
Bitcoin Rate and Market Expectations
It is possible that the increased interest in BTC ETFs is due to investors expecting a bull market to begin at the end of this year.
Earlier this week, we asked X whether the last quarter of this year would see strong growth. The survey was conducted among 423 users of the portal. “Yes” was answered by 73%, while “no” was answered by 27%.
Currently, one bitcoin costs around $59,200, which translates to a 2% decline on a 24-hour basis and a 1.55% increase since yesterday.
Sentiment is bad. BTC fear and greed index showed 25.
Interestingly, nothing bad has happened in terms of fundamentals. The aforementioned ETFs are still operating (as you can see, quite dynamically, and the number of their clients is growing), and new data on inflation in the US suggest that the Fed authorities will start cutting interest rates on September 18. The market is now wondering whether by 25 bp or 50 bp straight away. New data from the Fed Watch Tool currently suggest a more subtle policy of the central bank.
