According to the latest filings, JPMorgan increased its reported holdings in BlackRock’s Bitcoin ETF by around 25% during the second quarter. Its Ether ETF positions more than quadrupled.
Form 13F, the filing of US Securities and Exchange Commission. submitted The Wednesday report covers the holdings of JPMorgan as at June 30, and also includes 17 additional investment managers.
Jonatan RANDIN, Senior Market Analyst at PrimeXBT told Cointelegraph that it is difficult to tell whether positions are a reflection of a market direction.
“It gives you some idea of what they are doing but not their opinion about the future direction of a specific market,” Randin said.
JPMorgan Reports Larger Bitcoin Ether ETF Positions
BlackRock’s iShares bitcoin Trust ETF, or IBIT (about 10.4 millions shares) was reported to have risen from about 8.3 million in the first quarter with a value of approximately $356.8 million.
Positions held in iShares Ethereum Trust ETFs (ETHAs) have increased more rapidly, with shares increasing by over fourfold from 267,000 to 1.17 millions.
Randin noted that the 13F form can be used to combine positions from multiple parts of an organization, such as those related to inventory or client activity, and it is difficult to know what each holding was for. The Form 13F does not include short positions. This means that JPMorgan’s long-term holdings aren’t a true reflection of its exposure.
JPMorgan holds XRP
Randin pointed out small positions in investment products based on XRP, which are not limited to Bitcoin and Ether.
JPMorgan held no XRP positions at all in the first quarter, but reported 181 Grayscale XRP shares worth $3,763 in Q2 and 113 Bitwise XRP shares worth $1,356.
Randin attributed this timing to recent regulatory developments surrounding XRP as well as the emergence and popularity of spot XRP products in the US.
“From my point of view this adds credibility to the regulatory improvements surrounding XRP,” He said.
Related: Crypto whales accumulate as bear market nears late stage: CryptoQuant
JPMorgan has also reduced its holdings in several Bitcoin mining companies. Randin stated that these have now become less direct proxies of Bitcoin, as they are expanding into areas such as artificial intelligence and high performance computing.
“If that was the reason for holding them, trimming that part of the portfolio makes a lot of sense regardless of your view of the future direction of price,” He said.
Magazine: Sorry everyone, Bitcoin is headed down to $43,500: Michael Terpin
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
