Jane Street moved $509M into Fidelity's Bitcoin ETF while ETF holders elsewhere were heading for the exits.
Three things in its Q3 13F (Cointelegraph, SEC filings):
1. FBTC shares: 7.01M at Sept 30, up from about 887,000 at end of June. Nearly 8x.
2. IBIT shares: 20.22M, down from 24.88M. The stake is worth more on paper ($957M vs $828M) only because the price rose.
3. Side bets: about 9M ARKB shares (~$249M) added, and ETHA up 7.83M shares (~$158M).
My read: Jane Street is a market maker, so these shares may be inventory for creating and redeeming ETF units, not a directional bet. Also, a 13F is a Sept 30 snapshot, so it says nothing about what they hold today, with $BTC now under $70K and US spot ETFs on a six-day outflow streak (~$1.44B, Farside via CoinDesk).
What would you take from a 13F: conviction, or plumbing?
#BitcoinETF #13F #Bitcoin
Disclosure: I can earn Binance Write to Earn rewards from this post.
Three things in its Q3 13F (Cointelegraph, SEC filings):
1. FBTC shares: 7.01M at Sept 30, up from about 887,000 at end of June. Nearly 8x.
2. IBIT shares: 20.22M, down from 24.88M. The stake is worth more on paper ($957M vs $828M) only because the price rose.
3. Side bets: about 9M ARKB shares (~$249M) added, and ETHA up 7.83M shares (~$158M).
My read: Jane Street is a market maker, so these shares may be inventory for creating and redeeming ETF units, not a directional bet. Also, a 13F is a Sept 30 snapshot, so it says nothing about what they hold today, with $BTC now under $70K and US spot ETFs on a six-day outflow streak (~$1.44B, Farside via CoinDesk).
What would you take from a 13F: conviction, or plumbing?
#BitcoinETF #13F #Bitcoin
Disclosure: I can earn Binance Write to Earn rewards from this post.