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Bitcoin ETF 13F filings are just the beginning for BTC: Executive

  • Wow, can you believe that professional investment firms already have $3 billion invested in BTC ETFs?
  • Bitwise exec describes the $3 billion as a ‘down payment’ with more to come in the next 6 months.

Despite the ups and downs of the market, the future of Bitcoin [BTC] is looking incredibly promising and filled with endless potential.

According to Bitwise CIO Matt Hougan, we can expect a surge in flows to BTC ETFs as major firms increase their investments over the next six months.

Hougan remains extremely optimistic about the future of BTC, especially after confirmed reports that many professional firms now hold BTC ETFs following recent 13F filings.

“I find the 13F filings for Bitcoin ETFs extraordinarily bullish for the long-term future of Bitcoin.”

Initially, it was challenging to identify the buyers or sellers of spot BTC ETFs introduced in January. However, the 13F filings have laid those concerns to rest.

These filings, submitted quarterly, are mandatory for investors with over $100 million in AUM (assets under management) to disclose their holdings publicly, as per SEC regulations.

For example, Bracebridge Capital based in Boston reportedly purchased $262 million worth of Fidelity’s BTC ETF (ARKB) according to the filings.

Why the 13F filings are a bullish sign for Bitcoin

Since their launch in January, spot BTC ETFs have seen cumulative net flows of $11.8 billion and accumulated net assets over $50 billion, as per SoSo Value data.

Based on recent 13F filings from last Thursday, professional investment firms now hold $3.5 billion worth of spot BTC ETFs, according to Bitwise executives.

A portion of Bitwise CIO’s statement on the filings can be found here.

“All told, 563 professional investment firms reported owning $3.5 billion worth of bitcoin ETFs as of last Thursday. By the time the May 15 filing deadline arrives, I suspect we may end up with 700+ professional firms and total AUM approaching $5 billion.”

A Bloomberg ETF analyst referred to the significant number of large-scale investors in BTC as ‘bonkers’.

“What is also notable IMO is the sheer number of holders that each has so far.. $IBIT is up to 250. That’s bonkers for the first quarter on mkt.”

Hougan stated that the large-scale professional investment firms holding BTC ETFs are unmatched except for gold ETFs back in late 2004.

Even though retail investors currently own more BTC ETFs than large firms, Hougan predicts that this trend might shift soon. He mentioned that professional investors are conducting preliminary tests before committing full-fledged to BTC.

According to the Bitwise exec, the next phase will involve professional investors allocating for a ‘few clients’ before implementing platform-wide allocations ranging from ‘1-5% of the portfolio’ within the next six months.

This indicates that the figures disclosed in the 13F filings could grow substantially in the coming months, making the present declarations a mere ‘down payment’.

‘This tells me that the allocations we see in recent 13F filings are just a down payment.’

If Hougan’s predictions hold true for professional investment firms, we might witness a surge in flows from major firms in the latter part of 2024. This could potentially boost BTC prices during the same period.

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