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Another large Bitcoin ETF holder has just arrived
Alex Dovbnja
The list of major holders of Bitcoin ETFs continues to grow
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According to Eric Balchunas, senior ETF manager at Bloomberg, investment advisory firm Pine Ridge Advisers has emerged as yet another major holder of Bitcoin ETFs.
The firm has acquired an impressive $205 million worth of Bitcoin ETF shares from issuers such as BlackRock’s IBIT, Fidelity’s IBIT, and Bitwise’s BITB. In particular, the sum represents 23% of the total assets managed.
More than $100 million in inflows
The ARK 21Shares Bitcoin ETF, known as ARKB, managed to record inflows worth $133.1 million on Tuesday.
Fidelity’s FBTC and Invesco Galaxy Bitcoin ETF (BTCO) saw relatively modest inflows ($8.1 and $5.5, respectively). Meanwhile, BlackRock’s IBIT and Bitwise’s BITB recorded zero inflows yesterday.
However, after a brief period of inflows, Grayscale’s GBTC again experienced substantial outflows on Tuesday, losing more than $50 million.
Bitcoin surpasses $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 purchased nearly $100 million worth of shares of BlackRock’s IBIT. Even large banks such as Edmond de Rothschild (Switzerland) and Wells Fargo have jumped on the Bitcoin bandwagon.
Today, the price of Bitcoin managed to surpassing the $65,000 level after the latest US CPI report which turned out to be in line with analysts’ expectations.
The institutional adoption narrative and expectations of multiple rate cuts are expected to be the primary bullish catalysts this year.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.