Recent activities by U.S. asset managers have showcased a growing interest in cryptocurrency through substantial investments in Fidelity’s Bitcoin ETF. According to a tweet from Bloomberg ETF analyst Eric Balchunas, Legacy Wealth Asset Management from Minnesota and United Capital Management from Kansas have now allocated 6% and 5% of their portfolios, respectively, to the Fidelity Wise Origin Bitcoin Fund (FBTC).<\/p>\n\n\n\n
Investments on the Rise for Bitcoin ETFs<\/p>\n\n\n\n
These asset managers each invested upwards of $20 million into FBTC, a figure that surpasses the $17 million another asset manager invested in BlackRock’s ETF, IBIT. Balchunas highlighted these allocations as setting a new benchmark for Bitcoin ETF investments, which he described as a significant development for those anticipating long-term market adoption.<\/p>\n\n\n\n
Balchunas commented on the mainstream appeal of these investments, saying, \u201cThis is as Boomer as it gets. We still have 5-6 weeks of more 13F reporting like this too. We could see 500-1000 firms like this reporting holdings once dust settles. And that\u2019s just one 13F season. There are 4 in a year.\u201d<\/p>\n\n\n\n
In a curious note, a screenshot from United Capital Management’s website initially featured a bold declaration, \u201cWE\u2019RE COMING FOR YOUR COINS DEGENS,\u201d though this was removed from their homepage by the time of reporting.<\/p>\n\n\n\n
Boost in ETF Inflows<\/p>\n\n\n\n
The combined $40.8 million poured into FBTC has significantly bolstered the inflows into spot Bitcoin ETFs, recovering from the previous week\u2019s outflows. According to data from CoinGlass, the market had seen four days of outflows last week but ended on a high note with inflows on Friday.<\/p>\n\n\n\n
Monday alone saw spot Bitcoin ETFs attract $62.2 million in inflows, with FBTC claiming the largest share at over $34.8 million. Additionally, IBIT is nearing a milestone of 70 consecutive days of inflows, positioning it among the top ten ETFs with the longest daily inflow streaks.<\/p>\n\n\n\n
Moreover, a student-run investment fund reported by CryptoPotato last month has allocated an even larger portion of its holdings to Bitcoin. The Stanford Blyth Fund has dedicated 7% of its portfolio to Bitcoin, further evidencing the growing institutional interest in cryptocurrency investments.<\/p>","protected":false},"excerpt":{"rendered":"
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