bitcoin_ethereum_altcoins

April 6, 2023, 8:18

💰 Crypto Funds’ Bitcoin Holdings Rise as Investor Demand Rebounds

Digital asset-based trusts and funds have boosted their bitcoin holdings as investor demand has rebounded in the weeks following a number of bank failures. Data from crypto analytics firm CryptoQuant showed the amount of bitcoin (BTC) held by digital asset managers such as trusts and exchange-traded products (ETP) started to fall sharply in early March.

Grizzly further noted that widespread speculation the U.S. Federal Reserve has reached the end of its interest rate hike cycle has persuaded investors to boost their holdings. While Fed Chair Jerome Powell gave no assurances of a pause at his last press conference in late March, the CME FedWatch Tool currently shows 58% of traders are not expecting a rate hike at the next Federal Open Market Committee meeting in May. these fund managers have added back about 4,000 bitcoins, with holdings above 692,000 as of April 2, or nearly $20 billion worth at the current price just above $28,000.

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