The post Crypto Institutions Gobble Up Billions In Bitcoin ETFs, Stockpiling 250,000 BTC appeared on BitcoinEthereumNews.com.

The tides are turning in the cryptocurrency world, with institutional investors making a big splash in Bitcoin exchange-traded funds (ETFs) while retail investors seem content to bob on the sidelines. A recent report by IntotheBlock paints a picture of a two-tiered market, where hedge funds and even pensions are accumulating Bitcoin through ETFs, but the average investor remains cautious. Institutional Investors Set Sail With Bitcoin ETFs The launch of Bitcoin ETFs on the New York Stock Exchange in early 2024 was a watershed moment, finally opening the floodgates for institutional money to enter the crypto market. This has been a boon for Bitcoin whales – investors with significant holdings – who have been snapping up large amounts of the cryptocurrency through these new financial vehicles. IntotheBlock’s data shows that these whales have collectively amassed an additional 250,000 Bitcoins, bringing their coffers back to levels last seen before the FTX collapse in 2023. Source: IntoTheBlock Hedge funds, long expected to be the driving force behind institutional adoption, have lived up to the hype. Financial giants like Millennium Management have reportedly invested billions in Bitcoin ETFs, signaling their confidence in the future of the cryptocurrency. Public pensions are also getting into the game, with the state of Wisconsin making a splash with a $160 million investment in Bitcoin ETFs. US ETF Frenzy Fizzles, But The Voyage Continues While the initial reception for US Bitcoin ETFs was euphoric, with record-breaking inflows in January propelling the entire crypto market upwards, the party seems to be slowing down. Experts believe the early surge may have been fueled by a limited number of enthusiastic institutional adopters. Inflows have tapered off in recent weeks, suggesting a wait-and-see approach from some investors. BTCUSD trading at $67.032 today. Chart: TradingView Across the Pacific, the recent launch of Bitcoin ETFs…

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Filed under: News - @ May 19, 2024 7:26 pm