News
Public · Published
Galaxy Research Head Alex Thorn: Some Long-Term Funds Added Bitcoin ETFs in Q3, SIGFIG Clients Added $73 Million
Galaxy research head Alex Thorn said some long-term funds increased their Bitcoin ETF holdings in the third quarter, while SIGFIG Wealth Management clients added about $73 million in holdings, according to Odaily.
Published:
Updated:
What happened
Galaxy research head Alex Thorn said some long-term funds increased their Bitcoin ETF holdings in the third quarter, while SIGFIG Wealth Management clients added about $73 million in holdings, according to Odaily.
Confirmed
Global impact / market context
SIGFIG's first related filing shows that wealth managers serving everyday retail clients, not just specialist crypto funds, are putting client money into Bitcoin ETFs, which could widen demand for the asset beyond its usual investor base.
Analyst inference
13F filings, which are reports large managers file to show their holdings, are still early for Bitcoin ETFs, with most big asset managers and registered investment advisers typically filing by the November 16 deadline, so the full picture of who holds these funds is not yet visible.
Analyst inference
What to watch
- Most large asset managers and registered investment advisers typically submit their 13F filings by the November 16 deadline, so the reported holdings of Bitcoin ETFs should become clearer after that date. Confirmed
- Watch whether SIGFIG Wealth Management, whose clients come largely from retail accounts at Wells Fargo, Citizens, Santander and UBS, files further disclosures showing continued additions to its Bitcoin ETF holdings. Proposed
- If more wealth managers report Bitcoin ETF holdings after the deadline, that could signal steady retail-linked demand, which may support the funds' assets and the Bitcoin market more broadly. Analyst inference
Affected assets
- BTC — Bitcoin