The
curtain
fell
on
the
first-quarter
13F
filings
with
the
US
Securities
and
Exchange
Commission
(SEC)
on
Wednesday,
and
the
reports
revealed
a
seismic
shift
in
institutional
investment
patterns
toward
spot
Bitcoin
exchange-traded
funds
(ETFs),
with
Millennium
Management
emerging
as
a
frontrunner
in
this
new
asset
class.

Millennium
Becomes
The
King
Of
Bitcoin
ETFs

Millennium
Management,
helmed
by
billionaire
Izzy
Englander
and
overseeing
assets
worth
over
$64
billion,
reported
an
unprecedented
$2
billion
investment

 

distributed
among
several
Bitcoin
ETFs.
This
mammoth
investment
has
not
only
positioned
Millennium
at
the
zenith
of
Bitcoin
ETF
ownership
but
also
signals
a
broader
acceptance
and
validation
within
traditional
investment
frameworks.

The
detailed
disclosure
showed
Millennium’s
investments
spread
across
five
major
funds:
$844,181,820
in
BlackRock’s
iShares
BTC
Trust
(IBIT)
which
represents
20,859,447
shares,
$806,640,303
in
Fidelity’s
Wise
Origin
BTC
Fund
(FBTC)
encompassing
12,997,749
shares,
$202,029,915
in
Grayscale’s
BTC
Trust
(GBTC)
holding
3,198,194
shares,
$45,001,320
in
ARK’s
BTC
ETF
(ARKB)
for
634,000
shares,
and
$44,737,805
in

Bitwise’s
BTC
ETF
(BITB)
with
1,155,717
shares.

Renowned
crypto
analyst
MacroScope
remarked
via
X,
“Major
filing
after
the
market
closed
today.
Next
to
Wisconsin’s
yesterday,
certainly
one
of
the
most
important
BTC
disclosures
to
date
and
it
will
get
huge
attention
from
asset
managers.”
On
Tuesday,
the

State
of
Wisconsin
disclosed
a
$161
million
allocation
in

BlackRock’s
IBIT
and
Grayscale’s
GBTC.

According
to
Bloomberg
ETF
analyst
Eric
Balchunas,
this
level
of
diversified
investment
across
all
Bitcoin
ETFs
is
unprecedented.
But
“Millennium
is
king
of
the
Bitcoin
ETF
holders
with
about
$2
billion
across
four
ETFs,
out
of
over
500
holders.
This
is
approximately
200
times
the
average
for
new
ETFs,”
Balchunas
explained.

 

He
further
noted
the
majority
of
these
investments
came
from
investment
advisors
(60%)
and
a
significant
portion
from
hedge
funds
(25%).
Balchunas
also
highlighted
the
rapid
accumulation
of
liquidity
and
a
diverse
institutional
footprint
in
IBIT,
which
is
atypical
for
a
newly
launched
ETF.

Millennium
is
king
of
the
bitcoin
ETF
holders
w/
about
$2b
across
four
ETFs.
This
is
out
of
over
500
holders
(about
200x
the
avg
for
new
ETF).
Majority
are
inv
advisors
(60%)
but
a
big
dose
of
HFs
(25%).
Never
can
be
totally
sure
what
HFs
up
to
but
they
were
def
big
buyers.

pic.twitter.com/iVtVXjhId0

—
Eric
Balchunas
(@EricBalchunas)

May
15,
2024

“You
normally
don’t
see
such
a
diverse
range
of
holder
types
until
years
after
an
ETF’s
launch,”
he
added,
indicating
the
robust
market
confidence
in
Bitcoin’s
potential
as
an
investment
asset.

The
sector’s
growth
was
further
underscored
by
additional
disclosures
from
other
major
financial
entities.
Paul
Singer’s
Elliott
Capital
disclosed
an
investment
of
nearly
$12
million
in
BlackRock’s
IBIT
as
of
the
end
of
the
quarter,
while
Apollo
Management
Holdings
reported
a
$53.2
million
stake
in
ARK/21’s
ARKB.

The
wave
of
investment
did
not
end
with
hedge
funds
and
asset
managers.
Other
notable
entities
such
as
Aristeia
Capital
and
Hudson
Bay
Capital
also
revealed
significant
stakes
in
Bitcoin
ETFs,
contributing
to
the
combined
assets
under
management
of
all
10
available
spot
Bitcoin
ETFs,
which
now
stand
at
cumulative
inflows
of
$12.1
billion.

 

As
the
deadline
closed,
the
filings
painted
a
picture
of
a
rapidly
maturing
market
where
Bitcoin
is
no
longer
seen
as
just
an
alternative
or
speculative
asset
but
as
a
viable
part
of
diversified
investment
portfolios,
attracting
interest
across
the
spectrum
of
financial
institutions.

At
press
time,
BTC
traded
at
$65,771.

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

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