In a new development making rounds in the crypto sphere, Eric Balchunas has confirmed Bloomberg’s senior ETF manager, investment advisory firm Pine Ridge Advisers admittance into the league of significant Bitcoin (BTC) Exchange Traded Funds (ETFs) holders.
According to reports, the advisory enterprise has procured about $205 million in BTC ETF shares from conventional issuers, including Fidelity’s IBIT, Bitwise’s BITB, and BlackRock’s IBIT.
The report also confirmed that the amount invested in accumulating the Bitcoin ETF shares accounted for roughly 23% of the advisory firm $890 million capital.
Notedly, Fidelity Wise’s FBTC received a significant share of the mapped out $205 million funds with $93.38 million, followed by BlackRock’s IBIT at $83.17 million and Bitwise’s BITB with just $29.26 million.
Another big holder just rolled in Pine Ridge Advisers, which owns $205m of $IBIT $FBTC and $BITB which accounts for 23% of their total aum. Likely some kind of arb trade tho vs say an RIA putting 1/4 of grandma's portfolio in btc pic.twitter.com/IlnWxZyhSh
— Eric Balchunas (@EricBalchunas) May 15, 2024
Bitcoin ETFs Inflows Exceeding Its Outflows
While issuers like BlackRock’s IBIT and Bitwise’s BITB recorded zero inflows in the last few days, the ARK 21Shares Bitcoin ETF, also known as ARKB, registered inflows of about $133.1 million.
Fidelity’s FBTC and the Invesco Galaxy Bitcoin ETF (BTCO) failed to record significant values, registering about $8.1 million and $5.5 million, respectively.
On the other hand, a substantial outflow was recorded with Garyscale’s GBTC, dishing out more than $50 million in Bitcoin ETFs.
Bitcoin Market Analysis Looking Impressive With Zero Risks
Amid a declining market characterized by significant losses across several crypto assets, Coincodex, a leading digital assets price tracking site, has revealed that the Bitcoin market outlook is impressive with zero risks.
According to the price tracking platform, Bitcoin is trading at around the $66,000 price region, having registered a 0.88% decline in the past 24 hours. In addition, BTC boasts a 24-hour trading volume above $100 billion, a market cap valued at about $1.29 trillion, a diluted market cap of approximately $1.37 trillion, and a market dominance of 54.2%.
Analyzing risk assessment, Coincodex disclosed that BTC has appreciated by 141% relative to market values obtainable from previous years. In addition, the flagship cryptocurrency outperformed 64% of the top 100 crypto assets, including Ethereum.
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Furthermore, BTC is trading above the 200-day Simple Moving Average (SMA), has recorded 16 green days in the past 30 days, is trading near a cycle high, and has a high liquidity based on its market cap.
The above risk evaluation by Coincodex underscores BTC’s potential for tremendous growth despite the unfavorable market outlook.
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