US financial institutions with more conventional backgrounds are now embracing cryptocurrencies by offering their customers exposure to this rapidly expanding market. This shift is reflected in the rising percentage of assets being invested in crypto-related products.
Two investment firms based in Minnesota and Kansas, Legacy Wealth Asset Management and United Capital Management, each have invested 6% and 5%, respectively, of their portfolios in the Fidelity Wise Origin Bitcoin Fund (FBTC), according to a tweet from Eric Balchunas, an analyst at Bloomberg ETF.
Asset Managers Up BTC Allocation
At least twenty million dollars were invested by each asset management firm into FBTC, exceeding the seventeen million dollars invested by a competitor in BlackRock’s ETF, IBIT.
Balchunas referred to their Bitcoin ETF investments as reaching a “record-breaking level,” expressing disappointment for the skeptics in the RIA community who remain unimpressed. Conversely, this significant investment is exciting news for market supporters anticipating widespread usage of Bitcoin.
“This is quintessentially Boomer behavior, and we have several more weeks to go with similar 13F reports. After all the commotion subsides, around 500-1000 firms might follow suit. And that’s just one reporting season – there are four in a year.”
It’s worth noting that a snapshot of United Capital Management’s homepage, as shared by Balchunas, displayed the provocative message “WE’RE COMING FOR YOUR COINS DEGENS.” However, by the time of this writing, the company had already removed the statement from their website.
ETF Inflows Rebound
A $40.8 million investment in FBTC has reversed the recent trend of Bitcoin ETF outflows, as shown by CoinGlass data. Last week, the Bitcoin ETF saw outflows for four consecutive trading days, but managed to attract inflows on Friday.
On Monday, approximately $62.2 million flowed into the Bitcoin spot ETF market. Amongst these funds, FBTC attracted over $34.8 million. It’s important to mention that IBIT is on the verge of reaching its 70th consecutive day of inflows since its launch, which would make it one of the top ten ETFs with the longest daily streaks of incoming investments.
Simultaneously, the student-managed investment fund has boosted its Bitcoin holdings by assigning a greater percentage of its total assets to it. According to recent reports from CryptoPotato, the Stanford Blyth Fund previously invested 7% of its portfolio in Bitcoin after acquiring some BTC.
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2024-04-24 09:34