Dipping a Toe
Serious institutional investors are now holders of Bitcoin, and are investing serious capital. However, many of these firms have only dipped their smallest toe in the orange water.
G’day Folks,
The institutions are now undeniably here, and this represents a major shift in the maturation and market structure dynamics for Bitcoin.
The 2023-25 bull market has been remarkably steady and stable, with smaller drawdowns, and unbelievable volumes of sell-side pressure absorbed. The more I pondered this, the more it became clear that the institutional bid side today, is very different to the volatile speculative retail bid of yesterday.
The most recent batch of 13F filings for the spot ETFs have been compiled by Sani over at Timechain Index, which offers us a lens into institutional demand.
P.S If you don’t already, make sure to follow Sani who does incredible work labelling Bitcoin wallets, and check out Timechain Index, which is a terrific resource for learning about large Bitcoin entities.
Today’s post will be a deep dive into these 13F filings, to see what information we can ascertain about portfolio allocations, the size of the firms investing in Bitcoin, and what that tells us about their conviction.
A core part of my analysis is I like to ‘survey’ different populations of Bitcoin holders to see what their behaviour patterns tell us. When we have a consistent story told through various subsets of the market, this helps me build confidence in my conclusions.
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
Premium Members will find the TL:DR summary, video update and the rest of the written post below. Consider upgrading to premium today to unlock the rest of the content!