Spot Bitcoin ETFs gain momentum as investment firms disclose holdings

Source Fxstreet
May 18, 2024 01:14
  • Point72, JP Morgan, Millennium Management, and others have disclosed their exposure to spot Bitcoin ETFs.
  • Inflows from company investments have reached a total of $1.3 billion in the last two weeks.
  • Bitcoin ETFs put together strong inflows in May to offset the outflows in April.

Billionaire Steve Cohen's Point72 held $77.5 million in spot Bitcoin ETFs. This comes as spot Bitcoin ETFs have experienced a substantial influx of capital from investment firms in May, effectively offsetting the outflows observed in April.

Also read: Bitcoin Weekly Forecast: Is BTC out of the woods?

Top investment firms reveal exposure to spot Bitcoin ETFs

Point72, JP Morgan, Millennium Management, and other investment firms have disclosed their exposure to Spot Bitcoin ETFs over the past week. This disclosure may be related to their recent quarterly reports.

Billionaire Izzy Englander's Millennium Management is the highest investor in spot Bitcoin ETFs, with total holdings of $2 billion.

The latest company to join the list is billionaire Stephen Cohen's $34 billion hedge fund Point72, which recently disclosed holding $77.5 million in Fidelity Wise Origin BTC (FBTC) in its Q1 report.

Read more: Vanguard CEO shoots down possibility of launching spot BTC ETF despite firms disclosing $100M+ in assets

Notably, according to data from bitcoin brokerage firm River, 13 out of the top 25 hedge funds in the US bought into spot Bitcoin ETFs.

The surge in investments has been particularly noteworthy, with recent data indicating a significant increase in Bitcoin ETF inflows, amounting to a staggering $700 million in the past three days. The inflows from company investments have reached a total of $1.3 billion in the last two weeks.

In a post on X, Bloomberg analyst Eric Balchunas expressed optimism regarding the potential for Bitcoin ETFs in the coming weeks, acknowledging the significant impact of the recent inflows.

Also read: Bitcoin Price Outlook: Will BTC confirm market structure change above $67K?

"The bitcoin ETFs have put together a solid two weeks with $1.3b in inflows which offsets the entirety of the negative flows in April — putting them back around the high water mark of +$12.3b net since launch," said Balchunas.

In an interview with Bitcoin River, he further highlighted the massive potential this holds for BTC ETFs in the coming weeks.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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