Hong Kong-based investment firms are buying big in spot Bitcoin exchange-traded funds (ETF) in the United States. The latest 13F filings with the U.S. Securities and Exchange Commission have revealed numerous firms buy bitcoins worth millions in spot Bitcoin ETF, indicating institutional investors haven’t left the wave of Bitcoin ETF.
Ovata Capital Management has invested a total of $75.53 million in four U.S.-listed spot Bitcoin ETFs, as per an SEC filing. This makes the investment manager the biggest buyer of spot Bitcoin ETF yet, said Bloomberg senior ETF Eric Balchunas.
Fidelity Wise Origin Bitcoin ETF (FBTC), Grayscale Bitcoin Trust (GBTC), and Bitwise Bitcoin ETF (BITB) are the top 3 holdings of Ovata. BlackRock iShares Bitcoin ETF (IBIT) comes in sixth position after HDFC Bank and H World Group.
Ovata has invested $25.93 million to become the largest holder in Fidelity Bitcoin ETF. The company also scooped units in GBTC and BITB worth $21 million and $16 million, respectively. It only invested $10.88 million in BlackRock Bitcoin ETF.
CoinGape recently reported Hong Kong-based Yong Rong HK Asset Management as the largest holder in BlackRock iShares Bitcoin ETF (IBIT). According to the SEC filing, Yong Rong invested $45 million in IBIT.
Bloomberg ETF analyst James Seyffart warned about selloff by Hong Kong-based investment management firms as major risk for United States-based spot Bitcoin ETF. He asserts potential selloff or migration to Hong Kong-based Bitcoin ETFs.
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Grayscale Bitcoin ETF registered its first-ever inflows of $63 million on Friday. While the inflow was relatively small, it is a welcome development to give GBTC investors and the crypto community some relief.
Spot Bitcoin ETF recorded a notable total net inflow of $378 million, marking the first positive inflow after seven consecutive days of outflows.
This comes as Bitcoin saw surprise recovery after latest economic data revealed cooling labor market and an increase in unemployment to 3.9%. This indicates the US Federal Reserve can still have sufficient rate cuts this year, with FED Swaps indicating 2 rate cuts of 25 bps each.
BTC price surpassed over $64,000 today, with the price currently trading at $63,597. The 24-hour low and high are $61,576 and $64,494, respectively.
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