Michigan Pension Fund Invests $10M In Ethereum ETFs, Exceeds Bitcoin Holdings

Murtuza Merchant

November 04, 2024

The Michigan State Pension Fund has invested $10 million in Grayscale's Ethereum ETFs (NYSE:ETHE), making it one of the top holders of the product.

What Happened: According to an SEC filing, this investment surpasses Michigan's $7 million allocation in Bitcoin (CRYPTO: BTC) ETFs, marking a notable shift in institutional interest.

Meanwhile, CoinShares’ report on Monday shows that digital asset investment products witnessed substantial inflows of $2.2 billion last week, pushing year-to-date inflows to a record $29.2 billion.

This spike coincides with increasing market anticipation of a potential Republican win in the U.S. presidential election.

The surge has pushed the total assets under management (AuM) in digital assets to over $100 billion, levels previously seen only in early June 2024.

Bitcoin was the primary beneficiary, securing $2.2 billion of the weekly inflows, alongside $8.9 million directed to short-Bitcoin products.

Also Read: $61,000 Is Bitcoin’ Line In The Sand For ETF Demand To Remain Steady, Says Analyst

In comparison, Ethereum (CRYPTO: ETH) saw comparatively modest inflows of $9.5 million, signaling more measured interest among investors.

Solana (CRYPTO: SOL) also gained traction, drawing in $5.7 million in inflows, while other altcoins such as Polkadot (CRYPTO: DOT) and Arbitrum (CRYPTO: ARB) recorded smaller amounts.

Regionally, the United States led with $2.2 billion in inflows, reinforcing the link between domestic political sentiment and investment behavior.

CoinShares noted that while initial enthusiasm drove the surge, minor outflows occurred on Friday as polls indicated potential shifts in the election’s outcome. This sensitivity points to the broader influence of U.S. political developments on the cryptocurrency market.

What’s Next: The implications of these institutional investment patterns and their potential impact on digital asset markets will be a focal discussion at Benzinga’s Future of Digital Assets event on Nov. 19.

Read Next:

Bitcoin Could Hit $90,000 If Trump Wins, Hold $50,000 Floor Under Harris: Bernstein

Image: Shutterstock

Recommended

There's One Thing Trump and Musk Can't Fix - Ad

5 Stocks to Potentially Profit From Global Turmoil - Ad

Elon's New Tech Could Be Bigger Than Tesla & SpaceX... Combined - Ad

TOKYO (AP) — Japan Airlines said it was hit by a cyberattack Thursday, causing delays to more than 20 domestic flights but the carrier said there was no impact on flight safety.

Roaring Kitty's 'Christmas' Post Has GameStop Rallying 7% In Overnight Trading â€” Memecoin Connected To Trader Also Surge

Cryptocurrencies and stocks associated with “Roaring Kitty” rose Wednesday following the famed trader’s apparent ‘Merry Christmas’ wish. What happened: Keith Gill, better known online as Roaring Kitty, became active on the special day after he posted a picture of a neatly wrapped gift.

Buffett, Bloomberg, & 48 Congress Members Are Buying 1 Sector

Buffett, Bloomberg, & 48 Congress Members Are Buying 1 Sector - Ad

Why are Warren Buffett, Jeff Bezos, Michael Bloomberg, "The Walmart Family", Bill Gates, and 48 members of Congress shifting their stocks in a frenzy? And why are they all piling into ONE unique corner of the market... The last time we saw the world's wealthiest investors move their cash into this corner of the market, Stocks exploded 2,020%, 5,609% Even as high as 8,437% in just ONE year. Now, it's all happening again.

Shytoshi Celebrates As Shiba Inu Virtual World 'Shib The Metaverse' Goes Live On Christmas

The Shiba Inu (CRYPTO: SHIB) ecosystem announced early access to their highly anticipated virtual space, Shib: The Metaverse, on Christmas, promising an immersive experience like never before.

Trump Effect? Denmark Boosts Greenland's Defense Budget Amid President-Elect's Renewed Acquisition Interest

Denmark announced at least a $1.5 billion defense boost for Greenland following Trump's renewed interest, though analysts downplay a direct link.

Set Your Alarm For 1:59 P.M. on January 31st Because THESE Stocks Set To Rocket Up

Set Your Alarm For 1:59 P.M. on January 31st Because THESE Stocks Set To Rocket Up - Ad

1:59 P.M. on January 31st. Set an alarm for that. Because you need to be prepared for an event that will send a certain group of stocks rocketing upward.

Millions of people may get expanded Social Security benefits. Who are they and how would it happen?

ATLANTA (AP) — Nearly 3 million people could receive a boost in payments under legislation set for a final Senate vote in the coming days.

Senate begins final push to expand Social Security benefits for millions of people

WASHINGTON (AP) — The Senate is pushing toward a vote on to millions of people, setting up potential passage in the final days of the lame-duck Congress.

Is This Defi Coin Your Next "10-Bagger" Investment?

Is This Defi Coin Your Next "10-Bagger" Investment? - Ad

Our #1 pick in decentralized finance is largely overlooked by mainstream investors (for now). This governance token could skyrocket as DeFi adoption surges with the smart money and institutions.

IonQ Positioned To Dominate Quantum Computing Era: Analyst Highlights Unique Trapped-Ion Advantage

IonQ initiated with a Buy rating and $50 price target by D.A. Davidson & Co., offering a standout pure-play investment in the quantum computing sector.

More student loans canceled in Biden's final round of forgiveness before leaving office

WASHINGTON (AP) — The Biden administration is canceling federal for another 55,000 workers through an existing program known as Public Service Loan Forgiveness.

"King of the Quants": Please Don't Take This Warning Lightly...

"King of the Quants": Please Don't Take This Warning Lightly... - Ad

My system has recently uncovered a market phenomenon I haven't seen in 30 years.Some fortunate folks like me built generational wealth back then...while others lost their shirts and spent decades trying to recover. Well, something similar is happening today... but it will end in a much bigger way. This market shakeup is going to be much more intense.

What's Going On With Viking Therapeutics Stock On Wednesday?

Merck partners with Hansoh Pharma for GLP-1 drug development, while analysts highlight Viking's obesity assets as key for future growth.

Musk and Trump are viewed roughly the same by Americans, an AP-NORC poll finds

WASHINGTON (AP) — , clad in tuxedo and black tie, took the stage at President-elect Donald Trump's Mar-a-Lago resort shortly after the election with all the swagger of the winning candidate himself.

Did You See Trump's Bombshell Exec. Order 001?

Did You See Trump's Bombshell Exec. Order 001? - Ad

Biden broke it... Now Trump is going to fix it. Starting with "Exec. Order 001." It's a bombshell law that Trump could sign within minutes of stepping into the Oval Office... And it will instantly set off the most sweeping government technology project in 80 years... The most lucrative, too...

Analyst: Bitcoin's Potential Surge To $800,000 In 2025 Tied To Trump's Policies, Says This Analyst

Perianne Boring, a crypto lobbyist who is CEO of The Digital Chamber, says that Bitcoin‘s (CRYPTO: BTC) value could potentially skyrocket to $800,000 next year.

Bill Ackman Says Events Around The Scuttled Spending Bill Provide A Road Map For 'Rapid DOGE Progress'

Bill Ackman outlined a three-step strategy for the Department of Government Efficiency (DOGE) to influence policy, citing its role in the rejection of the spending bill.

"This Will Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined"

"This Will Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined" - Ad

According to Dan Ferris, who has predicted nearly every major market crisis of the last 25 years, a new crisis in the US economy could soon cost you 50% of your portfolio or more if you don't prepare your wealth now. Especially if you're sitting on large gains.

Data on animal movements help Hungarian researchers create a swarm of autonomous drones

BUDAPEST, Hungary (AP) — Moving in a dense cloud, like throngs of people walking across a crowded public square, 100 drones maneuver through the night sky in Hungary's capital, the result of over a decade of research and experimentation that scientists believe could change the future of unmanned flight.

Ripple CEO Brad Garlinghouse Admits $204M Crypto Super PAC Wouldn't Exist If Gary Gensler Wasn't The SEC Chair

Ripple CEO Brad Garlinghouse said on Sunday that the establishment of Fairshake, a cryptocurrency-focused super political action committee, was a direct response to the SEC’s approach toward the industry under Gary Gensler.

Is a Starlink IPO Coming in 2024?

Is a Starlink IPO Coming in 2024? - Ad

Could there be signs that a Starlink IPO is set for the second half of 2024? According to one top venture capitalist, the answer is YES! And for the first time ever, you have the rare chance to profit pre-IPO... BEFORE Starlink goes public.

Macao's casino boom brings wealth but at a cost, 25 years since China's takeover

MACAO (AP) — When Portugal in 1999, coffee shop owner Daniel Chao was a first grader living in a different world.

Real estate brothers Oren and Alon Alexander remain in custody on sex trafficking and rape charges

MIAMI (AP) — Prominent real estate broker Oren Alexander and his twin brother Alon will remain in custody following their initial court appearance in Miami on Friday.

Is Artificial Intelligence the Biggest Bubble in History?

Is Artificial Intelligence the Biggest Bubble in History? - Ad

Is it any surprise 31 billionaires (including: Warren Buffett, Elon Musk, Jeff Bezos, and more) are quietly unloading their OWN stocks at record pace? They're getting OUT of AI (and Tech Stocks) before it's too late. But why? And WHERE are they moving their cash for the biggest profits, in 2024?

Jim Cramer Bullish On Netflix Nearing $1,000 And AMD's 'Cheap' Valuation Despite Nvidia Dominance

Jim Cramer expressed strong buying conviction for Netflix Inc. during Wednesday's Lightning Round on "Mad Money," as the streaming giant's shares traded near $934 amid broader tech market strength.

Companies tighten security after a health care CEO's killing leads to a surge of threats

“Wanted” posters with the names and faces of health care executives have been popping up on the streets of New York. Hit lists with images of bullets are circulating online with warnings that industry leaders should be afraid.

Trump's New "AI Economy" Could Mint 22,000 New American Millionaires Every 30 Days

Trump's New "AI Economy" Could Mint 22,000 New American Millionaires Every 30 Days - Ad

A tidal wave of new AI wealth is about to flow into the economy. However, the biggest gains may no longer come from the usual hot AI stocks you've been hearing lately. We reveal how you can get the names of all the stocks you should get into now for the biggest investment opportunities of your life.

FDA updates the definition of 'healthy' foods

Packaged foods in the U.S. will have to follow new rules in order to call themselves “healthy,” according to changes finalized Thursday by the Food and Drug Administration.

Elon Musk Vs. RFK Jr.: Obesity Crisis Debate Sparks Struggle For Trump's Influence

Debate over tackling U.S. obesity epidemic sparks contrasting views from Trump's orbit: lifestyle changes vs. easier access to weight-loss drugs.

Sell Nothing. Retire Early. Mission Complete.

Sell Nothing. Retire Early. Mission Complete. - Ad

What if you could retire in 3 years instead of 10-15? While everyone is trying to trade the market and gamble on poop coins and meme coins, some people are using a little known method to actually earn passive returns. We probably have 3 years to exploit this before the party is over. That's plenty of time to retire early in crypto.

DOJ files complaint against CVS for facilitating unlawful sale of prescription opioids

The Justice Department unsealed a civil complaint Wednesday alleging CVS Pharmacy Inc. and various subsidiaries filled “unlawful” prescriptions in violation of the federal Controlled Substances Act.

New Jersey targets plastic packaging that fills landfills and pollutes

TRENTON, N.J. (AP) — New Jersey is aiming to drastically reduce the amount of packaging material — particularly plastic — that is thrown away after the package is opened.

Bitcoin Skyrockets on Trump's Election. Which Coin Is Next?

Bitcoin Skyrockets on Trump's Election. Which Coin Is Next? - Ad

Juan Villaverde called the top and bottom of every crypto bull market since 2012. He believes Bitcoin will go to $150K -- or more. There's one coin he thinks could go up more . It's part of Trump's special Project Crypto. His plan to make America "the crypto capital of the planet."

A Southwest jet and a small plane wound up on the same runway after being cleared to land

WASHINGTON (AP) — A Southwest Airlines jet wound up on the same runway with a small private plane that had stopped after an air traffic controller cleared both planes to land on the same California runway in October, according to federal investigators.

Suspect in UnitedHealthcare CEO killing charged with murder in New York, court records show

ALTOONA, Pa. (AP) — After on a New York sidewalk, police searched for the masked gunman with dogs, drones and scuba divers. Officers used the city's . Investigators analyzed DNA samples, fingerprints and internet addresses. Police went door-to-door looking for witnesses.

There's Only ONE AI Company That Matters

There's Only ONE AI Company That Matters - Ad

It's not Nvidia, AMD, IBM, or any new startup. It's not even an artificial intelligence company... yet it holds the key to the entire AI market. Get all the details of the critical technology that the entire AI sector needs to survive.

TikTok asks federal appeals court to bar enforcement of potential ban until Supreme Court review

TikTok asked a federal appeals court on Monday to bar the Biden administration from enforcing a law that on the popular platform until the Supreme Court reviews its challenge to the statue.

Unionized workers at US Starbucks stores plan strikes starting Friday

Workers at stores plan to go on a five-day strike starting Friday to protest lack of progress in contract negotiations with the company.

Wall St. Icon: "If You Wait On This, It Will Already Be Too Late"

Wall St. Icon: "If You Wait On This, It Will Already Be Too Late" - Ad

If you have a significant amount of money in the stock market right now -- or if you're sitting on the sidelines waiting to make a move -- you DO NOT want to miss my latest research. My goal is to get as many people as I can in front of what's coming. If you wait until your hand is forced, it will already be too late. You absolutely MUST get on the right side of this thing.

Palantir's Shyam Sankar Says AI The New Frontier In Defense â€” Reflects On Possible Pentagon Rule Under Trump As Stock Soars

Palantir Technologies Inc. Chief Technology Officer Shyam Sankar highlighted the critical role of artificial intelligence in national defense and outlined the company's vision for rebuilding America's industrial base during a CNBC "Closing Bell Overtime" appearance on Saturday Dec, 7, 2024.

Trending Now