The Bitwise DeFi Crypto Index Fund sold $32.5 million in equity according to a filing with the Securities and Exchanges Commission (SEC) as defi seemingly makes its way to the stock market.
Something called the Bitcoin Fund based in Ontario, Canada, sold or rather bought $60 million worth of bitcoin according to another SEC filing.
While the Galaxy Ethereum Fund bought $5 million worth of eth. That follows a $32 million purchase last week.
We could probably go on, but the main news here might be that activity seems to have picked up considerably from it being pretty much non-existent, to now and then SEC filings from different issuers revealing somewhat reasonable amounts being bought weekly.
Whether a European webinar for institutional investors will make a further difference, remains to be seen, but somewhat puzzlingly such European institutional investors buying bitcoin have been missing.
One reason may be because they’re not based in America and therefore do not have to disclose in English, but instead do it in German or French or Italian which thus might not quite filter out to international media.
Yet if there was a big purchase, we probably would have heard about it. So the best explanation is perhaps that they’re a few months behind the trend maybe due to language barriers although nowadays much of Europe knows english. That said, a recent survey reveals some interesting findings:
“New research with wealth managers across Europe reveals 18% believe clients’ have a very positive outlook on Bitcoin, which is driving them to make allocations to the cryptocurrency.
The survey, which was commissioned by Nickel Digital Asset Management (Nickel), the regulated and award-winning investment manager connecting traditional finance with the digital assets market, also shows that 42% of wealth managers are placing an increasing focus on Bitcoin with a view to allowing their investor to allocate to this new asset class.”
A new study says “wavelet-based quantile-on-quantile approach helps to validate safe haven hypothesis” for bitcoin.
They further say “investors in the US may cautiously use bitcoin as a hedge against uncertainties.”
This is the latest to conclude bitcoin has certain interesting qualities that might be useful to the speculating financial world in hedge funds and investment banking.
They first need to buy it for it to play a role, hence part of the reason for its rise, but it clearly appears they have began to do so with a tipping point for this sort of adoption perhaps not far off.
Yet another second layer solution is going out in eth, with this one adding privacy. Their general adoption has began, but it seems to be moving at a slow pace in part perhaps because evaluating all these different solutions takes time.
In addition, security is paramount so there would have to be a lot of testing before going live, but they have been doing much of this for months, so things should start picking up.
“$uSTONKS is a synthetic tracking an index of the ten most bullish stocks according to WallStreetBets. Put another way, this synthetic tracks the sentiment, or excitement level, of the r/WSB community.”
So says Yam finance, with it a bit easy to see how that can be gamed as you just need a little bot or a cheap Indian ‘marketing’ army.
But the concept is a bit interesting and arguably this can be automated by algorithmically ranking ‘hype’ based on mentions and so linking that system through an oracle to the token bot which then again oracle’s for the stocks spot price.
You can do this with crypto hype as well, or whatever else you want, with this effectively being an automated passive ETF.
This is news of news, so we haven’t quite looked at how Yam is doing it, but it’s a low hanging fruit innovative developments that is more and more increasing the options in this space and thus the functionality of eth.
The crypto therefore appears to be recovering with it to be seen whether bitcoin will retake $57,000 to restart price discovery.