As a researcher with a background in financial markets and experience in following Bitcoin and its related investment vehicles, I find the recent developments in the U.S. spot Bitcoin ETF market intriguing. The growing interest from Hong Kong-based investment firms is particularly noteworthy, as evidenced by Ovata Capital Management’s $75.53 million investment in various U.S.-listed Bitcoin ETFs.
Hong Kong investment firms based in Hong Kong are heavily investing in U.S. spot Bitcoin exchange-traded funds (ETFs) by purchasing large amounts of Bitcoin through these ETFs, according to recent 13F filings with the U.S. Securities and Exchange Commission. This trend suggests that institutional investors continue to show strong interest in Bitcoin ETFs.
Honk Kong Firm Scoops Over $75 Million in Spot Bitcoin ETFs
According to a SEC filing, Ovata Capital Management has invested a total of $75.53 million in four U.S.-listed Bitcoin spot Exchange-Traded Funds (ETFs). This makes Ovata the largest investor in these particular Bitcoin ETFs as of now, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
The top three investments of Ovata’s portfolio are Fidelity Wise Origin Bitcoin ETF (FBTC), Grayscale Bitcoin Trust (GBTC), and Bitwise Bitcoin ETF (BITB). BlackRock’s iShares Bitcoin ETF (IBIT) ranks sixth, following HDFC Bank and H World Group.
Ovata has invested $25.93 million to become the largest holder in Fidelity Bitcoin ETF. The company also scooped units in GBTC and BITB worth $21 million and $16 million, respectively. It only invested $10.88 million in BlackRock Bitcoin ETF.
Recently, CoinGape announced that Hong Kong-based Yong Rong HK Asset Management holds the largest stake in BlackRock’s iShares Bitcoin ETF (IBIT), as disclosed in a SEC filing. This investment amounts to $45 million.
As a researcher, I’ve come across a significant warning from Bloomberg ETF analyst James Seyffart regarding the potential risks for US-listed Bitcoin exchange-traded funds (ETFs). He specifically highlights the actions of investment management firms based in Hong Kong as a major concern. According to him, these firms could initiate a selloff or even shift their investments towards Bitcoin ETFs located in Hong Kong.
Bitcoin ETFs Record Inflow, With GBTC First Inflow This Year
On Friday, a Bitcoin Grayscale ETF saw its initial inflow of approximately $63 million. Although this influx was modest, it brought comfort to investors in GBTC and the wider crypto community.
The Bitcoin ETF saw a significant influx of $378 million in recent trading, signifying the first positive investment flow following a string of seven successive outflow days.
Bitcoins experienced a unexpected bounce back following the disclosure of recent economic data showing a cooling labor market and a rise in unemployment to 3.9%. This implies that the US Federal Reserve may still implement two 0.25 percentage point interest rate reductions this year, according to FED Swaps predictions.
Today, the value of Bitcoin reached an astounding height above $64,000 before settling at a current price of $63,597. The minimum and maximum prices in the past 24 hours were recorded as $61,576 and $64,494 respectively.
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2024-05-04 19:47