One of the largest crypto hedge funds in the market announced that it had purchased Bitcoin weeks after Microstrategy.
Pantera Fund buys nearly $50 million worth of crypto
Pantera Bitcoin Feeder Fund has raised $46 million, according to a new filing. The mutual fund, which was $18 million a year ago, has now reached $68.49 million. Pantera currently has $3.8 billion in assets under general management. COO Matthew Gorham said the funds were raised from 162 investors, up from 56 a year ago.
Meanwhile, Pantera Bitcoin Fund had purchased $140 million worth of Bitcoin in November with a management fee of only 0.75%. Operating since 2013, the company has the first Bitcoin funds to hit the market. It’s also one of the very few funds to grow in the midst of an annual bear market that some speculation is about to end.
How about Bitcoin (BTC)?
The leading crypto was trading sideways, below the $17,000 zone, into the new week. Low volatility mobilizes individual and institutional investors looking for an opportunity to buy. This thesis is confirmed by Glassnode’s current on-chain analysis. For example, the number of addresses holding 0.1 or more coins has reached an all-time high of 4,212,110. Also, the number of addresses holding 10 or more coins reached a two-year high of 155,417.
While interest from both large addresses and individual investors may be beneficial for BTC in the short term, a large concentration of Bitcoin held by BTC whales could make individual investors vulnerable to sudden price movements. These movements may be a direct result of whale behavior.
Meanwhile, miner interest may increase with individual interest. This was due to the increase in miner income. According to data provided by Glassnode, total miner revenue for Bitcoin has increased from 573 BTC to 978 BTC over the past few weeks. An increased miner income can reduce the selling pressure on Bitcoin miners.
Also, the mining hash rate, which measures the processing power of the Bitcoin network, increased by 0.87% last month. A high hash rate indicates that the BTC network remains very secure. Another positive situation for the mining industry will be the latest announcement of Hut8 Mining Corp. Stating that he mined 3,568 Bitcoins in 2022, he increased his reserves by 65% to 9,086 BTC in 2022. Hut8 stated that it plans to stick to its HODL strategy, detaining 100% of its own mining Bitcoin in December.
In terms of market performance, Bitcoin’s market cap dominance has increased over the past three months. According to Messari, at the time of writing, BTC’s market cap dominance was 39,192%.
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