Hon Kong’s asset management firm becomes the largest investor in BlackRock Bitcoin ETF

CoinMarketCap05-04

Yong Rong HK Asset Management emerges as the top holder in BlackRock Bitcoin ETF with $38M investment. Ovata emerges as biggest buyer in Bitcoin ETF market, investing $74M in various funds. Bitcoin ...

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Interesting given HK has own ETFs now. But US ETFs have that irresistable combo of low fee and high volume. pic.twitter.com/FE2gyuIuIf\n— Eric Balchunas (@EricBalchunas) May 3, 2024\n\nThis significant move reflects Yong Rong’s confidence in the potential of digital assets, particularly Bitcoin, as a store of value and investment opportunity.\nYong Rong’s potential impact on IBIT outflows\nIn an intriguing Analysis by James Seyffart, an ETF analyst at Bloomberg, concerns were raised regarding the potential impact of Yong Rong Asset Management’s investment strategy on IBIT. Seyffart suggested that a significant selloff by Yong Rong could trigger major outflows from IBIT, potentially affecting market dynamics.\nFurthermore, speculations were made about the possibility of Yong Rong migrating its investments from IBIT to a Hong Kong-based spot Bitcoin ETF, although potential gains taxes could present a hurdle to such a move.\n\nWonder 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\n— James Seyffart (@JSeyff) May 3, 2024\n\nYong Rong HK Asset Management Ltd’s substantial investment in the BlackRock iShares Bitcoin ETF reflects growing institutional interest in Bitcoin and digital assets.\nAs Hong Kong emerges as a key player in the global Bitcoin ETF market, investors are closely monitoring developments in the space for potential opportunities and risks.\nOvata emerges as the top investor in the Bitcoin ETF market\nAnother Hong Kong-based firm, Ovata, has also made waves in the Bitcoin ETF market by securing holdings in four spot Bitcoin ETFs with a total investment of $74 million. This makes Ovata the largest buyer of Bitcoin ETFs to date, with Fidelity Wise Bitcoin ETF (FBTC), GBTC, and Bitwise Bitcoin ETF (BITB) among its top holdings.\n\nWhile Yong Rong has highest single ETF inv at $30m of $IBIT there's another HK firm called Ovata that holds four of the spot bitcoin ETFs with total value of $74m, making it the biggest total allocator to date. It went Full Degen too as 4/5 biggest holdings are btc ETFs pic.twitter.com/ePztBd6uUV\n— Eric Balchunas (@EricBalchunas) May 3, 2024\n\nOvata’s strategic investments underscore the growing interest and demand for Bitcoin-related investment products in the global market.\nBTC price recovers after testing multi-month lows\nAfter recent fluctuations in the market, the price of Bitcoin has managed to recover, surpassing the $62,000 mark. At press time, BTC was trading at $62,042.15.\nThis price surge comes amidst cooling labour market conditions and an unexpected increase in unemployment rates to 3.9%, higher than the anticipated 3.8%.\nAnalysts speculate that the Federal Reserve may implement further rate cuts this year, as indicated by FED Swaps signalling two rate cuts of 25 bps each.\nThese market dynamics highlight the resilience of Bitcoin and its potential to serve as a hedge against economic uncertainties.\n\nSource: https://thebittimes.com/hon-kong-s-asset-management-firm-becomes-the-largest-investor-in-blackrock-bitcoin-etf-tbt87391.html","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432132377"}