Goldman Sachs’ large holdings in $XRP exchange-traded funds (ETFs) may appear to represent the bank’s own long-term directional bet, but that is not necessarily the case. The positions may have resulted from market-making, basis trading and the facilitation of client orders from wealth management accounts rather than a unified corporate strategy to support $XRP.
Jane Street followed Goldman Sachs with $16.6 million in reported holdings, while Millennium Management held $16.2 million.
What 13F filings reveal about $XRP ETFs
13F filings are quarterly disclosures showing many of the U.S.-listed stocks and funds held by large investment managers. They offer one of the few public windows into which professional firms are using the new $XRP ETFs, although the filings do not show whether those firms are hedging their positions elsewhere.
Investment advisers were by far the largest category of reported holders, accounting for about $120 million of the $183 million disclosed across the filings. Hedge funds held about $25 million, brokerages held $17 million and banks held around $14 million.
Advisers also accounted for most of the quarterly increase. Their holdings rose by about $90 million, compared with a $103 million increase across all categories.
As a result, institutional holdings and the ETF inflow streak measure different things. The filings show which firms held the ETFs on June 30, while the nine-day run tracks fresh money entering the funds in late August and early September.
Source: cryptonews.net
