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Yong Rong HK Asset Management has made a significant investment move by purchasing $38 million worth of BlackRock iShares Bitcoin ETF (IBIT), securing its position as the largest holder with more than 12% of the reported holdings. This comes despite Hong Kong’s availability of local ETF options. Bloomberg senior ETF analyst Eric Balchunas highlighted the appeal of U.S. ETFs, citing their “irresistible combination of low fee and high volume.” In addition to IBIT, Yong Rong’s major investments include tech giants Nvidia, Meta, Tesla, and now, IBIT, totaling over $45 million invested in 1,127,561 IBIT units.
Meanwhile, another Hong Kong firm, Ovata, has become the biggest buyer of Bitcoin ETFs with a $74 million investment across four different funds. Despite a significant sell-off in U.S. Bitcoin ETFs, with outflows narrowing to $34 million after a massive $550 million outflow, the BTC price has rallied to over $61,000. This financial dynamic is influenced by a cooling labor market and an anticipated Federal Reserve rate cut, underscoring the growing strategic importance of Bitcoin ETF investments within the global financial landscape.
