2019-10-25 14:19 |
Coinspeaker
Mike Novogratz’s Galaxy Digital Schedule to Unveil 2 New Bitcoin Funds in November
On October 23, a severe crypto crash struck leaving Bitcoin hovering around the $7,500 level. Many of the investors said that they never thought this kind of buying opportunity would come again. Now, market leaders believe that the Bitcoin price may slide further before regaining its upward momentum.
The fundamentals also have a lot to improve on and if the commentators are right, a further drop may happen before the end of the year. Notably, the latest Bitcoin drop has taken a huge toll on investor sentiments in the crypto market.
One veteran trader, Bitcoin bull Mike Novogratz, predicted that Bitcoin would trade in a tight range before making a major move. He said all that months ago thus is believed to see the forest from the trees. Since the BTC price has dipped below $8,000, the bulls and bears are fighting for control. Therefore, things may swing either way in the short term.
Novogratz seemingly remains bullish since his company, Galaxy Digital, plans to launch new Bitcoin funds in November. But he did not pull any punches about the direction that Bitcoin price will take while speaking in an interview with CNBC. He said:
“I’m hoping it holds here. $6,500 would be the next downside…I think you got to get back through $8,200 first and if it gets back through $8,200 we’re then back at the $8,000-$10,000 range. It’s going to need new energy to make the big move.”
The Bitcoin FundsGalaxy Digital Asset Management is a segment of the merchant bank Galaxy Digital. It announced that it aims to launch two Bitcoin funds in November as highlighted by a source with direct knowledge of the matter.
Galaxy is headed by billionaire ex-hedge fund manager Michael Novogratz. The company is offering these funds to give accredited investors low-fee and institutionally managed Bitcoin exposure. Official reports reveal that Galaxy will make a seed investment into both of the Bitcoin funds. During his interview on CNBC, Novogratz stated that the funds were in the pipeline.
The Galaxy Bitcoin Fund needs a $25,000 minimum investment with the option of quarterly redemptions available. The Galaxy Institutional Bitcoin Fund will allow withdrawals every week and need minimums higher than the set $25,000. Novogratz affirmed that both of these funds will provide professional oversight of tax documentation, Bitcoin storage, and client service support.
The portfolio manager for both of these funds is Paul Cappelli. However, they will be passively managed which means that the investments, Bitcoin, are automatically chosen. Steve Kurz leads Galaxy’s asset management division. But, it is not yet clear how much money Galaxy wants to get from the investors for either fund.
For now, Galaxy Digital provides the Galaxy Crypto Index Fund that offers exposure to the biggest cryptos by market cap through tracking the Bloomberg Galaxy Crypto Index.
What will Improve the Crypto Market?After the recent market crash, the crypto sector may need some catalysts to create positive vibes once more. However, Bakkt seemed to have disappointed the crypto community after its debut. Many thought that it would translate into higher Bitcoin prices but the ICE-backed Bitcoin futures exchange started off to little fanfare in September.
Ever since Bakkt was launched in late September, the Bitcoin price has been stuck in the rut always threatening to slide further. But, the exchange is gradually crawling closer to achieving its potential and attracting institutional capital investments. After the NYSE’s Bakkt was set up, it registered a slow start but has since gained momentum.
Once the new Galaxy Digital Bitcoin funds launch, they may streamline the BTC acquisition process and eliminate some of the pain points for the investors.
Things are developing in the Bitcoin sphere gradually but consistently. As Mati Greenspan pointed out, Bakkt achieved its highest Bitcoin futures trading volume ever of almost $5 million across 640 contracts on October 23.
Mike Novogratz’s Galaxy Digital Schedule to Unveil 2 New Bitcoin Funds in November
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