Michigan has made a significant leap into cryptocurrency investments, revealing its holdings in Bitcoin and Ethereum exchange-traded funds (ETFs) in a recent 13F filing with the SEC.
The Michigan Retirement System, which manages around $144 million in pension funds, invested over $6.9 million in the ARK/21Shares Bitcoin ETF, comprising approximately 110,000 shares.
Additionally, it has become the first state pension fund to invest in an Ethereum ETF, totaling about $10 million, which positions Michigan among the top five holders of Ethereum and the Grayscale Ethereum Trust.
In contrast, Wisconsin’s investment board has disclosed Bitcoin ETF holdings, including those from BlackRock and Grayscale. The quarterly 13F filings provide insights into institutional investment strategies, revealing that spot Bitcoin ETFs are experiencing a six-month high in demand.
However, despite a robust October, Bitcoin ETFs faced a net outflow of $54.9 million at the start of November, with Fidelity’s FBTC contributing significantly to this decline.
Grayscale’s GBTC saw only $5.51 million in outflows, suggesting stabilization, while BlackRock’s iShares Bitcoin Trust (IBIT) recorded no activity on November 1 after a significant influx of $872 million on October 30.
Ethereum investors who bought at higher price levels are now struggling to inject new capital into the market, raising doubts about the cryptocurrency’s ability to regain momentum, according to Chinese on-chain analyst Murphy.
A major Bitcoin investor has placed a high-stakes bet on a short-term price drop, committing hundreds of millions of dollars just as a crucial week of economic reports looms.
Dogecoin’s network has seen a massive uptick in activity, with the number of active addresses skyrocketing by 400%, according to blockchain analytics.
Ella Zhang, head of YZi Labs (formerly Binance Labs), has observed a noticeable change in crypto investment patterns.