Bitcoin Price Prediction as Millennium Management Holds $2B in ETFs –

Arslan Butt

Last updated:

May 16, 2024 06:38 EDT

| 4 min read

Bitcoin rebounded strongly, surpassing $65,930 and reaching a peak of $66,591 on Thursday. Softer-than-anticipated U.S. inflation data fueled this rally by increasing the likelihood of interest rate cuts and boosting investor confidence across the crypto market.

As Bitcoin climbed, it catalyzed gains across other major cryptocurrencies like Ethereum, Dogecoin, and Ripple, pushing the global cryptocurrency market cap to $2.39 trillion, a 24-hour surge of more than 5%.

Adding to the positive market dynamics, Millennium Management, a prominent hedge fund, has significantly invested in Bitcoin ETFs, holding nearly $2 billion in assets, underscoring strong institutional support for Bitcoin.

Millennium Management Leads in Bitcoin ETF Investments with Nearly $2 Billion Holdings.

Millennium Management, an international hedge fund, has made a substantial investment in spot Bitcoin ETFs, holding nearly $2 billion as of the first quarter of 2024. According to their latest 13F filing with the SEC, Millennium’s investment spread across five prominent ETFs totaled approximately $1.94 billion by March 31.

These investments were diversified among several key products, including the ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, iShares Bitcoin Trust, and Fidelity Wise Origin Bitcoin ETF.

Largest Holdings: BlackRock’s Bitcoin fund, with over $844 million, and Fidelity’s fund, closely following at just over $806 million.

Market Impact: Bloomberg’s Eric Balchunas highlighted Millennium as having 200 times the exposure of typical new ETF investors.

The significant engagement of professional investors like Millennium suggests a robust institutional interest in Bitcoin, reinforcing a positive outlook for its future. Matt Hougan of Bitwise has expressed optimism, noting that the scale of professional investment might lead to a combined AUM nearing $5 billion. This trend underscores the growing acceptance of Bitcoin among seasoned investors, enhancing its profile in the investment community.

BTC Rises Above $66,000 Amid Expectations of Potential Rate Cuts on Softer US Inflation Data.

Bitcoin surged above $66,000 yesterday, achieving its highest single-day gain in nearly two months. The most...

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