Goldman Sachs, Capula, Avenir were the biggest BTC ETF buyers in Q2 - CoinShares

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by Giorgi Kostiuk

2 years ago

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  1. Major BTC ETF Buyers
  2. Market Dynamics of BTC ETFs
  3. Future Investment Forecasts


    4. Goldman Sachs, Capula Management, and Avenir Tech emerged as the biggest buyers of Bitcoin exchange-traded funds (ETFs) in the second quarter of 2024, according to an analysis by CoinShares Research.

    Major BTC ETF Buyers

    According to CoinShares’ review of quarterly 13F disclosures filed by large fund managers, the three investment firms collectively bought nearly $1.3 billion worth of BTC ETF shares. Since January, Bitcoin ETFs have seen enormous demand, aided in part by adoption by large financial institutions such as Morgan Stanley.

    Market Dynamics of BTC ETFs

    Capula had bought BTC shares worth approximately $470 million since March, with Goldman Sachs and Avenir buying $419 million and $388 million, respectively. The largest outflows came from crypto-native hedge fund Digital Currency Group, which sold $732 million in shares. Overall, hedge funds hold the largest portfolio allocations of Bitcoin, averaging 2.2%, according to CoinShares.

    We have more than 15 billion inflows. That’s more than three times the largest one-year inflow of any ETF ever in the history of ETFs.Dave LaValle, Grayscale’s global head of ETFs

    Future Investment Forecasts

    According to Katalin Tischhauser, head of investment research at crypto bank Sygnum, ongoing adoption by wealth managers will likely result in larger allocations to crypto ETFs even among conservative institutions such as pension funds. "A lot of huge investors, like sovereign wealth funds and pension funds, are poised to invest in ETFs," Tischhauser said.

    The growing popularity and adoption of BTC ETFs among major institutional investors are expected to continue, leading to significant market shifts and increased investment in cryptocurrency assets.

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