Bitcoin ETFs Added To Michigan State Pension Fund With $6.6 Million Allocation
Summary
The SEC approved Bitcoin ETFs in January 2023, leading to institutional investment. Wisconsin, Jersey City, and Michigan allocated pension funds to Bitcoin ETFs. Jersey City disclosed its fund's percentage and asset manager. The Bitcoin price rebounded, driven by spot Bitcoin ETFs rather than new investor inflows. The recent price recovery relied on spot ETFs, not new investors. Sustainable upside depends on new investor demand. BTC was trading at $67,530, up nearly 5% in the 24-hour time frame.
