Despite Market Turmoil, 60% of the Largest Hedge Funds Now Hold Bitcoin ETF Holdings

The topsy-turvy economic conditions of the past month have not deterred hedge funds from investing in crypto.

Major hedge funds have been quietly accumulating Bitcoin (BTC) through ETFs, with recent filings revealing that 60% of the top 25 hedge funds now hold the apex crypto asset indirectly.

The news comes as interest in spot Bitcoin funds continues to grow, despite weaker performance from most of the crypto market.

Institutions such as BlackRock, Franklin Templeton, and even crypto-skeptic JPMorgan have launched or invested in spot Bitcoin ETFs throughout the year.

Now, hedge funds such as G.S. Asset Mgmt and Schonfeld are joining them.

According to the holdings reports, Millennium Mgmt is currently the largest holder among the top 25 hedge funds, with the institution having added 1,429 BTC throughout Q2 2024. This brings its total to an impressive 27,263 BTC, currently valued at approximately $1.6 billion (2.3 billion Australian dollars).

Goldman Sachs, Schonfeld Emerge as Major Players in Q2 2024

Of the new entrants to the Bitcoin ETF scene, Schonfeld Strategic Advisors was the most active in 2024’s second quarter. The $14 billion company purchased the equivalent of 6,734 BTC in this timeframe. This immediately made them the second-biggest holder of BTC among the top 25 hedge funds, behind only Millennium Management.

G.S. Asset Management was also a major buyer over the last quarter. Goldman Sachs, who has a total of $2.8 trillion under management, entered the crypto space by snapping up over $400 million in Bitcoin ETFs.

The data shows that while retail investors have remained hesitant to re-enter the crypto landscape, new growth is being driven by institutional giants.

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