According to Eric Balchunas, senior ETF manager at Bloomberg, investment advisory firm Pine Ridge Advisers has arose as another major Bitcoin ETF holder.
According to Eric Balchunas, senior ETF manager at Bloomberg, investment advisory firm Pine Ridge Advisers has arose as another major Bitcoin ETF holder.
The company has acquired an impressive $205 million in Bitcoin ETF shares from issuers such as BlackRock’s IBIT, Fidelity’s IBIT, and Bitwise’s BITB. In particular, the sum represents 23% of the total assets under management.
More than 100 million dollars in tickets
The ARK 21Shares Bitcoin ETF, known as ARKB, managed to record inflows worth $133.1 million on Tuesday.
Fidelity’s FBTC and Invesco’s Bitcoin Galaxy ETF (BTCO) saw relatively modest inflows ($8.1 and $5.5, respectively). Meanwhile, BlackRock’s IBIT and Bitwise’s BITB recorded no inflows yesterday.
However, after a brief period of inflows, Grayscale’s GBTC again saw substantial outflows on Tuesday, losing more than $50 million.
Bitcoin exceeds $65,000
The largest cryptocurrency is currently seeing signs of increasing mainstream adoption. On Tuesday, the Wisconsin State Investment Board (SWIB) revealed that it had purchased nearly $100 million in IBIT shares from BlackRock. Banks as important as Edmond de Rothschild (Switzerland) and Wells Fargo have also jumped on the Bitcoin bandwagon.
Earlier today, Bitcoin price managed to break above the $65,000 level after the latest US CPI report turned out to be in line with analyst expectations.
The institutional adoption narrative and expectations of multiple rate cuts are expected to be the main bullish catalysts this year.
