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Fidelity Bitcoin investors rise by 730% despite market turmoil

Fidelity Timmer
Fidelity Timmer

Fidelity Investments recently submitted filings with the US Securities and Exchange Commission (SEC). The filings show that the Bitcoin Index Find has attracted $126.5 million so far.

The Wise Origin Bitcoin Index Fund was launched in August 2020. The fund allowed Fidelity investors to gain exposure to Bitcoin, the world’s largest cryptocurrency.

Fidelity Bitcoin investors increase by 730%

The total number of investments has dropped significantly during the recent reporting period following the recession witnessed across the cryptocurrency market. The in-bound investments by Fidelity have also witnessed a significant year-over-year dip.

The size of this fund has remained the same for the second year. However, the number of investors has increased significantly. The investors have increased from 83 to around 689, representing a 730% increase compared to the previous year.

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In April, Fidelity said it would support investors who wanted to add Bitcoin to their 401(k) retirement savings account. This initiative could empower the employers that want to select whether their employees want exposure to Bitcoin or not.

The level of cryptocurrency adoption in the US has grown, but the regulatory framework has not grown in the same magnitude. For this reason, when Fidelity announced it would extend Bitcoin as an option in the 401(k) retirement plan, the move was met with scepticism from some regulators and government officials.

Bitcoin continues with a downtrend

Bitcoin’s price has recorded an eighth consecutive week of losses suffered by investors. This is the first time that Bitcoin has recorded such a trend. The bearish performance could be attributed to a looming recession across the broader cryptocurrency market. The fears of inflation and the recent collapse of the UST stablecoin have dampened investor confidence in the market.

Bitcoin is still trading below $30,000. The failure of the market to record a strong recovery has seen investors choose to avert risks. Altcoins have recorded slight gains, but these gains have not been significant enough to erase the previous losses.

At the time of writing, Bitcoin was trading at around $28,000, while Ethereum is still down and trading below $2,000. A dip in Bitcoin and Ether prices usually triggers lows for the other cryptocurrencies, and this is the case with other popular altcoins like Solana, XRP and Cardano that have also dipped. The entire crypto market cap has also dropped.

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