Bittime - Fidelity's Bitcoin exchange-traded fund (ETF) has set a new record for the largest investment in a Bitcoin fund, attracting $40 million from two traditional United States financial advisors.
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According to Eric Balchunas, an analyst from Bloomberg, Legacy Wealth Management and United Capital Management of Kansas recently invested $20 million each in shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), becoming the fund's top shareholders.
Big Investments from Traditional Advisors
Legacy Wealth Management manages more than $359 million in assets, while United Capital Management of Kansas manages more than $436 million.
These data are recorded in the 13F form filed by the asset manager with the United States Securities and Exchange Commission (SEC) for the first quarter of 2024.
Balchunas said the numbers show growing adoption among traditional investors. "It shows that the interest is huge," he said, referring to United Capital Management of Kansas.
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Concerns Over Limited Participation in BTC ETFs
However, this disclosure also raises concerns regarding limited participation in BTC ETFs. Jim Bianco, founder of macro research firm Bianco Research, called the first-quarter allocation data a "disappointment." “Unrealized gains are shrinking rapidly,” he added, referring to ETF investors' returns compared to Bitcoin's current price.
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Fidelity's BTC Fund dan Tren Bitcoin ETF
Fidelity's BTC fund is the second largest in terms of assets under management, with more than $10 billion trailing only BlackRock's iShares Bitcoin Trust (IBIT), which has more than $18 billion.
Although there is an increase in the number of new investors and increasing adoption among traditional investors.
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Bitcoin ETF Experiences a Decline
Demand for Bitcoin ETFs has decreased. CryptoQuant CEO Ki Young Ju noted that demand for BTC funds has stagnated since its peak in March.
On April 15, the Bitcoin ETF experienced a net outflow of $36.7 million. According to Farside Investors, only Grayscale and BlackRock recorded positive flows on April 12 and April 15, while all other funds experienced outflows.
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Bitcoin (BTC) is available on Bittime with BTC IDR pairing.
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Learn How to Buy Ethereum (ETH) on Bittime.
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Read Too:
Bitcoin ETFs Fuel Crypto Market Rally
IRS Taxation of Bitcoin ETFs: Complete Guide
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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