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Bitcoin ETF

Bitcoin

Fidelity’s Bitcoin exchange-traded fund (ETF) has achieved a new record as the largest single investment in a Bitcoin fund, attracting $40 million from two traditional United States financial advisers.&nbsp;
According to Bloomberg analyst Eric Balchunas, financial advisers Legacy Wealth Management and United Capital Management of Kansas have each recently invested $20 million in shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), joining the fund’s top shareholders.
Legacy Wealth Management oversees more than $359 million in assets under management, while United Capital Management of Kansas manages over $436 million. The figures are part of recent 13F form filings submitted by asset managers to the U.S. Securities and Exchange Commission (SEC) for the first quarter of 2024.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-04/4aea179e-6384-43c5-8d23-93999d865384.png">
 <figcaption style="text-align: center;">Source: Eric Balchunas
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According to data from investment research firm Fintel, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) represents 6% and 5% of the funds’ portfolios, respectively.
Bloomberg’s Balchunas believes the figures indicate a growing adoption among traditional investors. “This is as Boomer as it gets,” he noted on X in reference to United Capital Management of Kansas.
“Likely a wonderful sight for those hoping to see long-term adoption and an absolute nightmare for the RIA Skeptics Branch of the Underwhelmers Club,” he added.
However, the recent disclosures have<a href="https://cointelegraph.com/news/black-rock-bitcoin-etf-hits-69-days-inflows-4-20-halving" rel="noopener noreferrer nofollow"> prompted some to express concerns</a> regarding the limited mainstream participation in BTC ETFs.
Jim Bianco, founder of macro research firm Bianco Research, described the first-quarter allocation data as a “disappointment.” “Unrealized gains are shrinking fast,” he added, referring to ETF investor gains versus current Bitcoin prices.
Fidelity’s BTC fund is the second-largest Bitcoin ETF in terms of assets under management, with over $10 billion at the time of writing, just behind BlackRock's iShares Bitcoin Trust (IBIT), which holds more than $18 billion.
Despite newcomers and growing adoption among traditional investors, Bitcoin ETFs are experiencing a slowdown in demand. CryptoQuant CEO Ki Young Ju&nbsp;<a href="https://twitter.com/ki_young_ju/status/1780050419781345413" target="_blank" rel="noopener noreferrer nofollow">noted</a> on X that the demand for BTC funds has stagnated since its peak in March.
On April 15, Bitcoin ETFs<a href="https://cointelegraph.com/news/bitcoin-price-falls-under-62k-amid-wavering-spot-btc-etf-demand" rel="noopener noreferrer nofollow"> experienced net outflows of $36.7 million</a>. According to Farside Investors, only Grayscale and BlackRock recorded positive flows on April 12 and April 15, while all other funds saw outflows.
Magazine: <a href="https://cointelegraph.com/magazine/get-bitcoin-or-die-tryin-why-hip-hop-stars-love-crypto/" rel="noopener noreferrer nofollow">Get Bitcoin or die tryin’: Why hip hop stars love crypto</a>

Fidelity’s Bitcoin ETF draws $40M in largest single investment from advisers

Cointelegraph

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