As an experienced financial analyst, I believe that the recent developments in the Bitcoin market are highly bullish. The daily net inflows into spot Bitcoin ETFs and large institutional investments, such as those made by the state of Wisconsin and investment management companies like Millennium Management, indicate a growing demand for Bitcoin among institutional investors.
Source – Brave New Coin Bitcoin Liquid Index
As a crypto investor, I’m excited to notice a shift in the sentiment towards Bitcoin becoming increasingly bullish. This optimistic trend is reflected in the daily net inflows into spot Bitcoin Exchange-Traded Funds (ETFs) in the United States. On May 14th alone, there was a significant net inflow of $100.5 million into these Bitcoin ETFs. Among them, ARK 21 Shares’ Bitcoin ETF (ARKB) experienced the largest inflows on that day, with substantial investments that even covered an outflow from the Grayscale Bitcoin Trust.
This week brought further excitement to the surging Bitcoin market as several entities with exposure to spot Bitcoin ETFs made notable announcements. In the first three months of this year, the state of Wisconsin took a bold step by purchasing over $164 million worth of shares in both BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC). According to recent filings, Wisconsin acquired 94,562 shares of IBIT and 357,084 shares of GBTC. This transaction, reported in the quarterly 13F report submitted to the Securities and Exchange Commission (SEC), makes Wisconsin the first US state to publicly declare its investment in Bitcoin.
Eric Balchunas, a senior analyst at Bloomberg Intelligence specializing in ETFs, noted on X that large institutional investors often do not join an ETF for a year or two after its launch due to the need for greater liquidity. However, Balchunas remarked that this trend does not apply to recent launches, which is a positive indication and may signal further institutional investment in the near future, as these institutions tend to follow each other’s moves.
Founded in 1951, the Wisconsin Investment Board (SWIB) is responsible for overseeing investments worth more than $156 billion. The board manages portfolios for various entities including the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF), among others. This information comes to light as institutional investment managers with assets under management exceeding $100 million face the March 15 deadline for submitting their quarterly portfolio holdings.
As a researcher, I came across an interesting finding regarding the largest Bitcoin holders through Exchange-Traded Funds (ETFs). The leading investor in this category is Millennium Management, with approximately $1.94 billion in exposure. Their holdings include $844 million in BlackRock’s iShares Bitcoin Trust, $45 million in ARK 21 Shares Bitcoin ETF, $45 million in the Bitwise Bitcoin ETF, $202 million in Grayscale Bitcoin Trust, and a significant investment of $807 million in Fidelity Wise Origin Bitcoin Fund. This equates to around 3% of their total $64 billion fund. These details emerged from a SEC 13F-HR institutional investment manager holdings report filed on Wednesday.
El Salvador disclosed that it has harnessed the geothermal energy from the Tecapa volcano to mine approximately 474 Bitcoins, worth around $29 million. Using this renewable energy source, the country ran 300 mining processors. Amidst debates about Bitcoin mining’s environmental consequences, El Salvador has emerged as a pioneer in eco-friendly cryptocurrency extraction. The nation has allocated 1.5 MW of its state-owned power plant’s 102 MW capacity towards digital currency mining, according to Reuters reports.
In a groundbreaking decision in 2021, El Salvador became the pioneering country to accept Bitcoin as legal tender, along with the US dollar. Since then, the government has introduced several policies centered around Bitcoin, such as setting up a geothermal plant for Bitcoin mining. With a holding of approximately 5,750 Bitcoins, worth around $354 million, El Salvador showcases its dedication to digital currencies and eco-friendly economic growth.
Jack Dorsey, the ex-CEO of Twitter now supporting several cryptocurrency initiatives, recently shared his belief that Bitcoin could reach and surpass $1 million by 2030. During an interview with Pirate Wires, Dorsey was asked about a potential price prediction to which he responded, “I’m not sure. At least a million dollars, if not more. I truly believe it will hit that figure and continue to climb.” It is important to note that Dorsey’s primary focus is on the broader ecosystem and advancements surrounding Bitcoin. He expressed admiration for its ability to enable individuals to contribute to its growth, stating, “What makes Bitcoin truly remarkable, aside from its origin story, is that anyone who invests time, energy, or resources into enhancing it, or simply uses it as a form of payment, is inadvertently strengthening the entire network. This collective effort ultimately drives up the value.”
In spite of the significant difference between Bitcoin’s present value of $65,958 and Dorsey’s optimistic projection, various industry leaders express similarly enthusiastic forecasts. Notably, Cathie Wood, the CEO of Ark Invest, has publicly stated a price goal of $1.5 million by 2030.
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2024-05-16 09:44