Wall Street’s Fast Money Fled Bitcoin ETFs, Sovereign Funds Stepped In
Summary
Major financial institutions and hedge funds significantly reduced their spot Bitcoin exchange-traded fund holdings as a popular trading strategy faded. Meanwhile, sovereign funds and wealth management platforms stepped in to purchase the digital asset exposure instead.
Galaxy Research found that nine hedge funds and banks cut 68,000 BTC worth of spot ETF exposure as the cash-and-carry trade dried up, while wealth platforms and sovereign funds added.
Source: Read the full story at Decrypt
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