Breaking: This Firm Grabs Major Holdings In BlackRock Bitcoin ETF, GBTC, Crypto Shares

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As a researcher with extensive experience in the cryptocurrency market, I’m observing an interesting trend emerging in the Bitcoin investment landscape. Institutional investors are capitalizing on every dip in Bitcoin prices, while retail investors remain anxious during selloffs. The latest example of this can be seen in Fiduciary Alliance LLC’s significant purchases of BlackRock iShares Bitcoin ETF (IBIT), Grayscale Bitcoin Trust (GBTC), and crypto-related shares last quarter.

Institutional investors are capitalizing on every price drop in Bitcoin, while retail investors grow uneasy during Bitcoin selloffs instigated by the German government. Notably, Fiduciary Alliance, a leading investment adviser firm, has acquired substantial stakes in the BlackRock iShares Bitcoin ETF (IBIT), Grayscale Bitcoin Trust (GBTC), and various crypto shares during the last quarter.

Fiduciary Alliance Bags BlackRock Bitcoin ETF

In Q2 2024, Fiduciary Alliance LLC, a prominent investment advisory firm, emerged as one of the major purchasers of BlackRock iShares Bitcoin ETF (IBIT), according to a 13-F filing submitted to the U.S. Securities and Exchange Commission on July 10. The company acquired a total of 188,668 units, representing a value of approximately $6.64 million.

Furthermore, Fiduciary Alliance obtained $3.48 million worth of Grayscale Bitcoin Trust (GBTC) units. Notably, Grayscale received a total inflow of $25 million due to institutional investors’ 13-F filings. Moreover, CoinGape disclosed that City State Bank revealed its Bitcoin (BTC) investment through IBIT and GBTC Exchange-Traded Funds (ETFs).

As a researcher, I’ve discovered that the company has expanded its portfolio by acquiring stakes in crypto-focused firms such as Coinbase, MicroStrategy, and Tesla. Specifically, it holds 8,332 shares of COIN, worth approximately $1.89 million; $1.70 million in MicroStrategy’s (MSTR) stock; and has invested around $744,426 in Tesla (TSLA).

Northwest Capital Management, with an asset under management (AUM) of $5 billion, revealed their participation in the Bitcoin market. They achieved this through investing in BlackRock’s iShares Bitcoin Trust (IBIT).

Bitcoin Bulls Becoming Strong Amid Selloff

Institutional investors are gradually taking control of the Bitcoin market by purchasing during price dips, despite setbacks like the Mt. Gox repayments and the German Government’s sale of Bitcoin holdings causing temporary price decreases.

Based on information from CryptoQuant CEO Ki Young Ju, approximately 85,000 bitcoins were amassed by permanent holders, primarily consisting of custodial wallets, during the past month. It is important to note that these wallets do not represent Exchange-Traded Funds (ETFs), exchanges, or miners. Concurrently, approximately 16,000 bitcoins were withdrawn from ETF storage during the same time frame.

Breaking: This Firm Grabs Major Holdings In BlackRock Bitcoin ETF, GBTC, Crypto Shares

As an analyst, I’ve observed a noteworthy increase of 0.50% in Bitcoin’s price within the previous 24 hours, with the current value standing at $57,748. The BTC price fluctuated between $57,014 as its minimum and $59,416 as its maximum during this period. It’s important to mention that trading volume has taken a dip by 7% in the last 24 hours. This downturn can be attributed to the upcoming CPI inflation data scheduled for release on Thursday.

As a researcher studying derivatives trading, I’ve observed an uptick in buying activity among traders as the total futures open interest has increased by 2% to exceed $28 billion. Specifically, the open interest for CME Bitcoin futures has risen to $8.27 billion, representing a significant surge of over 2.50% within the past day. Additionally, the open interest for Bitcoin options continues to recover, currently standing at approximately $16.5 billion.

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2024-07-10 18:17