'Paper-Handed Small-Time Traders' Hold Spot Bitcoin ETFs, Not Institutions, Analyst Says: 'Here Come The Boomers' Is A Myth
Portfolio Pulse from Ivan Crnogatić
Jim Bianco of Bianco Research highlights the risks of spot Bitcoin ETFs, noting they are mostly held by retail investors and hedge funds, not institutional investors. Investment advisors hold less than 1% of these ETFs, contrary to expectations. Bianco warns of potential selling pressure if Bitcoin's price falls below the average purchase price of $58,000. Bloomberg's Eric Balchunas counters, suggesting it's too early to judge the ETFs' long-term prospects, with institutional interest potentially growing.
April 29, 2024 | 4:18 pm
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Spot Bitcoin ETFs, primarily held by retail investors, may face selling pressure if BTC drops below the average purchase price of $58,000, as highlighted by Jim Bianco.
The analysis by Jim Bianco suggests that the majority of spot Bitcoin ETF holders are retail investors and hedge funds, not institutional investors. With the average purchase price around $58,000, a drop below this level could trigger significant selling pressure, potentially leading to a decrease in Bitcoin's price in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90