The cryptocurrency market is still under the influence of the FTX crisis and the risks of contagion. Therefore, most traders and investors stay away from the market, opting for a ‘wait and see’ policy. However, there are also those who see discounted prices in the market as an opportunity. Matthew Gorham, COO of Pantera Bitcoin Fund, announced that the fund has purchased $137 million worth of Bitcoin (BTC).
Pantera bought a large amount of Bitcoin
The cryptocurrency market took steps to exit the bear market after the latest US CPI data. The leading crypto Bitcoin (BTC) has risen above the psychological level of $ 20 thousand and is on its way to $ 22 thousand. However, the collapse of the cryptocurrency exchange FTX triggered strong winds in the market again. While the value of FTX’s native token, FTT, is heading towards zero, associated tokens have also seen sharp drops. In the market where there was a serious crisis of confidence, Bitcoin fell to the level of 15 thousand dollars. Although Bitcoin has gained some altitude recently, it is still fluctuating around $ 16,500.
However, there are also those who see these price levels as buying opportunities. After a long time, an institutional investor bought a large amount of BTC. Matthew Gorham, COO of Pantera Bitcoin Fund, revealed that Pantera has received $137 million worth of BTC. According to the statement, 141 accredited investors participated with a minimum investment of $50,000 at $100,000 each. The fund is a passive Bitcoin tracker with an annual management fee of 0.75%, which is lower than many other Bitcoin funds.
Are institutional investors returning to the crypto market?
According to Pantera, the fund removes the burden of buying and holding cryptocurrencies. It also aims to provide fast and secure access to Bitcoin. In addition, it is officially structured as a Cayman hedge fund. Therefore, it is possible for both US and non-US investors to use the fund.
cryptocoin.comAs you follow, Bitcoin is in the middle of a one-year bear market that sends it back to 2017 levels. Pantera’s BTC purchase was the first major purchase by the fund in quite some time. Some institutional investors were taking a step back last month. However, the FTX debacle once again cooled the air. That’s why it’s important for an institutional investor to make their first major purchase since the FTX fiasco. A potential sign that markets are perhaps starting to look forward once again.
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