Of the top 25 U.S. hedge funds, 13 entered the market by investing in ETFs in the first quarter.
Point72, a well-known hedge fund with $34 billion in assets under management, has announced an investment in the Fidelity Wise Origin Bitcoin Fund (FBTC).
according to recent submissionsPoint72 held $77.5 million worth of FBTC at the end of the first quarter.
The move comes in the wake of a growing trend among various hedge funds that have disclosed buying shares in Spot Bitcoin Exchange Traded Funds.
Prominent hedge funds such as Paul Singer's Elliott Capital and Izzy Englander's Millennium Management have publicly shared their investments in these new funds.
A majority (52%) of the country's largest hedge funds are betting on it. #bitcoin
With the introduction of Bitcoin ETFs, financial institutions have no reason to say no to healthy money 🚀 pic.twitter.com/FI3UfBssIP
— Sam Baker (@macromule) May 17, 2024
Millennium Management is the largest holder of Spot Bitcoin ETF
Notably, Millennium Management is the largest institutional holder of these funds, with approximately $2 billion invested as of March 31st.
Other notable names among investors include Fortress Investment Group and Schoenfeld Strategic Advisors.
Note that while spot ETF purchases by these hedge funds may be seen as long-term bets on Bitcoin's potential price appreciation, these instruments may serve other purposes as well. is important.
Hedge funds may use these for market making, hedging strategies, yield generation, and even short-term reversals, among other things.
The increasing involvement of top hedge funds in Spot Bitcoin ETFs speaks to the growing acceptance and interest in cryptocurrencies in traditional finance.
Bitcoin returns to highs of $74,000
Leading trading firm QCP Capital is optimistic about the momentum of the Bitcoin price and predicts its potential. Back to highs of $74,000.
The company said in a recent note that it observed a significant number of buyers acquiring 100,000 to 120,000 BTC calls in December 2024, indicating confidence in the cryptocurrency's upward trend. Ta.
“The US CPI numbers triggered a breakout of the overall risk asset range. BTC has since traded above 66,000,” the company wrote.
Similarly, technical analyst Rekt Capital I believe Bitcoin has moved beyond the halving. As shown by the weakening of selling pressure, the stock has reached the “danger zone” and entered the accumulation phase.
“The post-Bitcoin halving ‘danger zone’ (purple) is officially over,” a popular crypto trader wrote in a recent post on X.
Despite the bullish views of some analysts, Michael Novogratz, founder of prominent digital asset financial services firm Galaxy Digital Holdings, expects Bitcoin to remain relatively stable. There is. narrow trading range In this quarter.
As reported, we expect Bitcoin to remain within the range of approximately $55,000 to $75,000 until certain market events or conditions cause the price to rise.
Novogratz cited tailwinds experienced in the fourth quarter of last year and the first quarter of this year.
“Maybe this quarter, maybe next quarter, A. the Fed starts cutting rates because the economy finally slows down, or B. we get past the election and think the election will somehow bring some clarity, or the other thing is. The state of cryptocurrency regulation.”
