Turbos Finance

Bitcoin

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 <p class="paragraph">This year marked a significant shift in the investment landscape, as the Securities and Exchange Commission (SEC) approved nine spot Bitcoin exchange-traded funds (ETFs) in January. This development has opened a pathway for investors to gain exposure to Bitcoin (BTC) through familiar investment vehicles, integrating cryptocurrency into the mainstream financial market.</p>
 <p class="paragraph">In a notable display of confidence in cryptocurrencies, Hong Kong-based asset managers have invested a substantial $112 million in US spot Bitcoin ETFs as per new data by <em>Eric Balchunas</em>&nbsp; Senior ETF analyst for <em>Bloomberg</em>.</p>
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    <p lang="en" dir="ltr">New high water more bitcoin ETF holders just rolled in: Yong Rong Asset Management based in HK bought $38m worth of $IBIT, which makes up 12% of its reported holdings. Interesting given HK has own ETFs now. But US ETFs have that irresistable combo of low fee and high volume. pic.twitter.com/FE2gyuIuIf</p>— Eric Balchunas (@EricBalchunas) May 3, 2024
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 <h2 class="wp-block-heading" id="h-hong-kong-asset-managers-show-strong-support-for-us-bitcoin-etfs">Hong Kong asset managers show strong support for US Bitcoin ETFs</h2>
 <p class="paragraph">Hong Kong-based Yong Rong Asset Management has made a significant investment by purchasing $38 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> worth of BlackRock’s (NYSE: BLK) iShares Bitcoin Trust, which now comprises 12.14% of its total holdings.&nbsp;</p>
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 <p class="paragraph">The portfolio of Yong Rong features a mix of high-tech and cryptocurrency assets, including stocks such as &nbsp;Nvidia (NASDAQ: NVDA), Meta (NASDAQ: META), and Tesla (NASDAQ: TSLA) &nbsp;alongside Bitcoin, creating what’s commonly known as the “LFG Portfolio.” According to the data, Yong Rong Asset Management has the highest single ETF investment at $30 million in IBIT.</p>
 <p class="paragraph">Another Hong Kong firm, Ovata Capital Management, has also significantly invested in this asset class by acquiring stakes in four different spot Bitcoin ETFs, totaling over $74 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>. These ETFs, managed by major financial institutions including Fidelity, Grayscale, Bitwise, and BlackRock, highlight Ovata’s strategic diversification within this asset class.</p>
 <p class="paragraph">Notably, Ovata has become the largest allocator in Bitcoin ETFs to date, with four out of its five biggest holdings in this category. This burgeoning interest arrives just as Hong Kong has started to embrace Bitcoin and Ethereum investment offerings, yet the global appeal of US ETFs continues to draw significant capital from overseas <a rel="noopener noreferrer nofollow" title="investors" href="https://thebittimes.com/tag/investors.html">investors</a>.</p>
 <p class="paragraph">The strategic moves by Yong Rong and Ovata signify a strong institutional endorsement of Bitcoin as a viable component of diversified investment portfolios.</p>
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    <p lang="en" dir="ltr">Wonder if you just found the firm that caused $IBIT's outflow? Maybe they did move the assets from IBIT to a HK ETF? (potential gains taxes make this strange if true though) pic.twitter.com/K9mIQeog0q</p>— James Seyffart (@JSeyff) May 3, 2024
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 <p class="paragraph">Recently, BlackRock’s IBIT reported its first-ever outflows, totaling $37 million. James Seyffart, an analyst at <em>Bloomberg</em>, speculated that Yong Rong Asset Management may be moving its investments from BlackRock’s iShares Bitcoin ETF to a Hong Kong-based spot Bitcoin ETF, potentially driving these outflows.</p>
 <p class="paragraph">The Bitcoin market has shown remarkable resilience recently, with the price of Bitcoin recovering to over $61,000. The continued embrace of Bitcoin and Ethereum (ETH) offerings by Hong Kong, coupled with the sustained appeal of US ETFs globally, cements a strong <a rel="noopener noreferrer nofollow" title="institutional" href="https://thebittimes.com/tag/institutional.html">institutional</a> endorsement for Bitcoin.</p>
 <p class="paragraph">This evolving enthusiasm signifies a broader acceptance and integration of cryptocurrencies into the mainstream financial landscape, promising an exciting future for <a rel="noopener noreferrer nofollow" title="investors" href="https://thebittimes.com/tag/investors.html">investors</a> navigating this digital frontier.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>:</em><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-optimism-as-institutional-investors-report-millions-in-bitcoin-etfs-ownership-tbt87376.html">https://thebittimes.com/btc-optimism-as-institutional-investors-report-millions-in-bitcoin-etfs-ownership-tbt87376.html</a></p>

BTC optimism as institutional investors report millions in Bitcoin ETFs ownership

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