Institutional investors are capitalizing on Bitcoin dips while retail investors react to recent BTC sell-offs by the German government.
Fiduciary Alliance, an investment advisory firm, emerged as a major buyer of BlackRock iShares Bitcoin ETF (IBIT) and Grayscale Bitcoin Trust (GBTC) in Q2 2024, according to a July 10 SEC filing.
The firm added 188,668 units of IBIT valued at $6.64 million and acquired GBTC units worth $3.48 million.
This move coincided with a broader trend among institutional investors, with several entities disclosing significant investments in crypto assets.
Fiduciary Alliance also expanded its portfolio to include shares in leading crypto-related companies such as Coinbase, MicroStrategy, and Tesla.
The firm purchased 8,332 COIN shares valued at $1.89 million, $1.70 million of MicroStrategy (MSTR) shares, and invested $744,426 in Tesla (TSLA).
Meanwhile, Northwest Capital Management, managing assets worth $5 billion, also entered the Bitcoin market through BlackRock’s iShares Bitcoin Trust (IBIT).
Louisiana has become the latest U.S. state to accept cryptocurrency payments for state services.
CryptoQuant, a prominent market research firm, has observed a notable decline in the supply of short-term holders (STH) of Bitcoin (BTC), which may hinder the cryptocurrency’s potential price surge.
U.S. Congressman Warren Davidson has vocally criticized SEC Chair Gary Gensler, accusing the SEC of deliberately hindering Bitcoin ownership.
Michael Saylor’s MicroStrategy continues to expand its Bitcoin reserves, showing their undeniable optimism for the crypto market bull run.