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Another Big Bitcoin ETF Holder Just Rolled In

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Wed, 15/05/2024 - 17:19
Another Big Bitcoin ETF Holder Just Rolled In
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According to Eric Balchunas, Bloomberg's senior ETF manager, investment advisory firm Pine Ridge Advisers has emerged as yet another major holder of Bitcoin ETFs. 

The firm has snapped up an impressive $205 million worth of shares of Bitcoin ETFs from such issuers as BlackRock's IBIT, Fidelity's IBIT, and Bitwise's BITB. Notably, the sum accounts for 23% of the total assets under management. 

More than $100 million worth of inflows 

The ARK 21Shares Bitcoin ETF, which is known as ARKB, managed to record $133.1 million worth of inflows on Tuesday. 

Fidelity's FBTC and the Invesco Galaxy Bitcoin ETF (BTCO) recorded relatively modest inflows ($8.1 and $5.5, respectively) Meanwhile, BlackRock's IBIT and Bitwise's BITB saw zero inflows yesterday. 

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However, after a brief period of inflows, Grayscale's GBTC once again recorded substantial outflows on Tuesday, losing more than $50 million. 

Bitcoin tops $65,000 

The largest cryptocurrency is currently seeing signs of growing mainstream adoption. On Tuesday, the State of Wisconsin Investment Board (SWIB) revealed that it had bought almost $100 million worth of shares of BlackRock's IBIT. Such major banks as Edmond de Rothschild (Suisse) and Wells Fargo have also jumped on the Bitcoin bandwagon. 

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Earlier today, the Bitcoin price managed to top the $65,000 level after the most recent US CPI report that turned out to be in line with analysts' expectations. 

The institutional adoption narrative and the expectations of multiple rate cuts are expected to be the main bullish catalysts this year. 

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