- By holding 85% of spot Bitcoin ETFs, retail investors refute the myth of institutional supremacy.
- Targeting a new ATH of $86k, the BTC price touches $71,013.83.
Macro strategist Jim Bianco has refuted the conventional wisdom that institutions and high-net-worth investors are the main drivers of share accumulation in Bitcoin (BTC) exchange-traded funds (ETFs) in a recent financial study.
Citing recent required 13F filings with the U.S. Securities and Exchange Commission (SEC) that offer a thorough breakdown of investor types in spot BTC ETFs for the first quarter of 2024.
Details of Bitcoin ETF Investors
Bianco made clear that everyone with at least $100 million in assets or more than 5% beneficial ownership has to file a 13F within 45 days of the end of each quarter. By May 15th, there had been about 7,000 such registrations, providing important information about Bitcoin ETF investors.
1/8
🧵on what I see in the Spot BTC 13F filings
Conclusions
I feared the Spot BTC ETFs were effectively "orange FOMO poker chips." The Q1 13F filings only further convinced me this was the case. Only ~3% of the outstanding ETF mkt Cap was held by Investment Advisors,…
— Jim Bianco (@biancoresearch) May 19, 2024
The reports show, against common assumption, that financial advisors own only a tiny portion of these ETFs—between 2.5% and 4%, with the Grayscale Bitcoin Trust (GBTC) holding 8.81%.
Retail Investor Domination
According to Citi research published recently, financial advisors control over 35% of the average ETF. Not so with Bitcoin ETFs, though. There were bold claims made all quarter long that baby boomers were giving their money managers Bitcoin investments.
This is true for less than 5% of spot BTC ETF holdings, according to the disclosures. Instead, ordinary investors make up around 85% of these ETF holders.
‘Orange FOMO poker chips’ is how Bianco described spot BTC ETFs. The Q1 13F filings, which revealed that investment advisors owned just under 3% of the ETF market capitalization, supported this opinion. Hedge funds, in the meantime, held about 10%, and non-institutional investors dominated with 85%.
Price of Bitcoin is Rising
The price of Bitcoin keeps rising in the middle of these disclosures. CoinMarketCap data show the current price of Bitcoin is $71,013.83, up 6.06% in the last day and a bullish 14.86% over the previous seven days. ETHNews recently reported that this price swing has generated debates about whether the current rebound is a “Dead-Cat Bounce.”
Also, Bitcoin’s price pattern, according to popular cryptocurrency analyst Captain Faibik, has broken out a significant technical indicator on the daily chart, the bullish flag. He projects that Bitcoin will hit a new all-time high (ATH) of $86,000.
$BTC Bullish flag Upside Breakout is Confirmed on the Daily timeframe Chart..✅
June is going to be wild! 🔥📈🚀#Crypto #Bitcoin #BTC pic.twitter.com/PsYlS78Zdm
— Captain Faibik (@CryptoFaibik) May 21, 2024