CoinShares Head of Research James Butterfill has shared some insight into institutional holdings of crypto ETFs – Bitcoin based funds.
Butterfill has reviewed all of the all the Bitcoin ETF filing data and looked at prior filings in March to see how positions have changed.
He shares:
“Capula Management and Avenir are new asset managers who have added Bitcoin positions representing 2.6% ($470 million) and 50% ($388 million) of their portfolios respectively. Based on the data it looks as if Millenium reduced their positions from 0.33% to 0.19%, representing a US$537 million decline. Other significant outflows were from DCG [Digital Currency Group], SIG Holding and Jane Street.
Goldman Sachs is the latest to highlight positions in Bitcoin, holding $419 million, we believe this is likely being held for their clients as investment advisors. Morgan Stanley saw outflows of $87 million, with their AuM in Bitcoin now at $203 million, the second largest position held by banks.”
Butterfill adds that investment advisors and brokerages hold the largest amount of crypto ETFs with AUM standing at $4.7 billion for investment advisors and $1.5 billion in brokerages.
Hedge funds and holding companies hold $3.8 billion and $1.1 billion respectively.