Banks buying Bitcoin ETFs are no longer just dipping their toes in.
Barclays’ latest 13F filing shows that, as of the end of September, it held about 3.94 million shares of BlackRock’s spot Bitcoin ETF, IBIT, up 48% from the previous quarter and worth approximately $187 million.
Citigroup is also increasing its position. In addition to opening a new position worth about $119 million in Fidelity’s Bitcoin ETF, FBTC, it increased its IBIT holdings from about 347,000 shares to 521,000, a rise of nearly 50%.
Early filings compiled by Bitwise show that banks’ share of disclosed spot Bitcoin ETF holdings rose from 3.2% in the second quarter to 4.9%. However, IBIT’s price rose about 41% in the third quarter, so the increase in the market value of holdings cannot all be attributed to new purchases. What really matters is that the number of shares held also increased.
Meanwhile, the flow picture hasn’t been uniformly positive: U.S. spot Bitcoin ETFs saw net inflows of about $6.34 billion in the third quarter, but have recorded net outflows of about $2.1 billion in the fourth quarter through this Tuesday.
Institutions are increasing their long-term exposure, while short-term investors are still pulling out. Wall Street’s discussion of Bitcoin has shifted from whether to buy to which ETF to buy, how much to allocate, and how to hedge.
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Barclays’ latest 13F filing shows that, as of the end of September, it held about 3.94 million shares of BlackRock’s spot Bitcoin ETF, IBIT, up 48% from the previous quarter and worth approximately $187 million.
Citigroup is also increasing its position. In addition to opening a new position worth about $119 million in Fidelity’s Bitcoin ETF, FBTC, it increased its IBIT holdings from about 347,000 shares to 521,000, a rise of nearly 50%.
Early filings compiled by Bitwise show that banks’ share of disclosed spot Bitcoin ETF holdings rose from 3.2% in the second quarter to 4.9%. However, IBIT’s price rose about 41% in the third quarter, so the increase in the market value of holdings cannot all be attributed to new purchases. What really matters is that the number of shares held also increased.
Meanwhile, the flow picture hasn’t been uniformly positive: U.S. spot Bitcoin ETFs saw net inflows of about $6.34 billion in the third quarter, but have recorded net outflows of about $2.1 billion in the fourth quarter through this Tuesday.
Institutions are increasing their long-term exposure, while short-term investors are still pulling out. Wall Street’s discussion of Bitcoin has shifted from whether to buy to which ETF to buy, how much to allocate, and how to hedge.
Binance Wallet invitation code: MOLLY666
