Bitcoin ETF Holders Resolutely Hold BTC Despite Market Crisis
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Key Points: Key Bitcoin ETF holders like BlackRock and Fidelity have kept their positions despite market declines. Bitcoin ETFs saw $1.3 billion in trading within 20 minutes of today’s trading session. Digital asset products experienced their first fund outflow in four weeks, with $528 million exiting amid economic and geopolitical concerns. Amidst the recent market turbulence, Bitcoin ETFs have been scaling new highs in trading volumes, and Bitcoin ETF holders are standing by their investments. Read more: Morgan Stanley Clients Can Now Access Bitcoin ETFs for Investment Large Bitcoin ETF Holders Steadfast Amid Market Drop On August 5, trading volumes for Bitcoin ETFs reached as high as $1.3 billion within just 20 minutes since the market opened, surging further up to close to $3 billion a couple of hours later. Such an increase in activity contrasts sharply with the broad market trend, which has largely seen sell-offs. According to Arkham, major Bitcoin ETF holders, be it BlackRock, Fidelity, Grayscale, or even MicroStrategy, have not budged an inch after the recent downturn. That they do not choose to sell may mean they have belief in its long-term value, no matter what happens to Bitcoin in the short term. The news that Capula Investment Management, Europe’s fourth-largest hedge fund, just disclosed an investment in a Bitcoin ETF worth $500 million reiterates further the remarkable interest that institutions have in digital assets. This huge investment comes at a time when investors are worried over geopolitical issues and odds of a recession in the United States, which is causing jitters in financial markets. Digital Asset Funds Experience First Outflow in Weeks Digital asset funds see first outflow in weeks reflected wider uncertainties, experiencing their first fund outflow in four weeks at $528 million. According to CoinShares, Bitcoin funds individually flowed out around $400 million,…
Filed under: News - @ August 6, 2024 5:26 am