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Millennium Management disclosed holdings of $2.6 billion in Bitcoin ETFs and $182.1 million in Ethereum ETFs in its latest 13F filing with the SEC.

The hedge fund’s Bitcoin ETF portfolio is spread across multiple funds, with BlackRock’s IBIT representing its largest position at over $844 million, followed by Fidelity’s fund at just over $806 million.

Other holdings include the ARK 21Shares Bitcoin ETF, the Bitwise Bitcoin ETF, and the Grayscale Bitcoin Trust.

The filing reveals a broader trend of institutional crypto investments, with Abu Dhabi’s sovereign wealth fund purchasing $436.9 million of BlackRock’s spot Bitcoin ETF in the quarter. Goldman Sachs also increased its Bitcoin ETF holdings to $1.5 billion.

In May 2024, Millennium Management’s investment in Bitcoin ETFs reached nearly $2 billion across five major funds, representing only 3% of their total assets.

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The LIBRA token, promoted by Argentine President Javier Milei on his official X account, crashed 85% after its development team removed $87 million in USDC and SOL from liquidity pools, according to data tracked by blockchain analysis firm Bubblemaps.

The token, which reached a fully diluted valuation of $4.5 billion within hours of its launch, saw its top 100 holders face average losses exceeding 56% from their initial purchase price of $1.6.

$LIBRA TEAM IS CASHING OUT

They already made $87M by removing USDC and SOL from liquidity pools https://t.co/hRGnRPTDiE pic.twitter.com/aiDmODKi6o

— Bubblemaps (@bubblemaps) February 15, 2025

On-chain analyst EmberCN reported that suspected insiders profited around $20 million from trading LIBRA tokens. At least three addresses executed a similar trading pattern, including pre-tweet fund withdrawals from CEXs, immediate post-tweet purchases, and sales as the price climbed.

Data shows 82% of LIBRA’s supply is concentrated in connected addresses, raising centralization concerns. The project is linked to KIP Network Inc., developer of the KIP Protocol web3 framework for AI applications, which is backed by Animoca Ventures.

“Assume this is a scam, account funded by a nokyc exchange, usually these sorts of large launches are planned in advance and have multisigs and such,” said Conor Grogan, Coinbase’s head of product.

The token is claimed to be part of the Viva La Libertad Project, aimed at supporting Argentina’s economy by funding local businesses and startups. KIP Protocol has been active in Argentina, joining the Buenos Aires City Government’s blockchain committee and meeting with President Milei in October 2024.

The launch of LIBRA came after the Central African Republic (CAR) launched a $CAR memecoin as a national experiment to unite people and support national development, said President Faustin-Archange Touadéra on his official X account last Sunday.

Following President Touadéra’s statement, the token blew past $1 billion in market cap but quickly crashed to below $20 million, according to GeckoTerminal data.

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Argentina’s President Javier Milei has withdrawn his support for the LIBRA meme token after initially endorsing it, stating he had no connection to the project. Milei also admitted that he did not do his due diligence before tweeting support, but deleted his tweets once he became aware of the details.

The token, which claimed to be part of the Viva La Libertad Project supporting Argentina’s economy, dropped 85% in value amid reports of the project team’s liquidation.

“A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever,” Milei said. “I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).”

Analysis shows that 82% of the token supply is concentrated among a small number of addresses, suggesting centralized control.

In addition to clarifying his stance, Milei pushed back against critics seeking to capitalize on the controversy.

“To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass,” he said.

This isn’t Milei’s first controversy involving crypto projects. In late 2021, he promoted CoinX, an alleged crypto Ponzi scheme, on Instagram, claiming it could help Argentinians fight inflation, Protos previously reported.

CoinX promised high profits through AI-powered automated trading and expert traders, but investors reported not receiving the expected returns. The National Securities Commission subsequently ordered CoinX to cease operations.

Investors sued Milei, seeking damages for losses estimated at between 30 million and 40 million pesos (approximately $300,000).

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Bitcoin’s Coinbase premium index flips negative, as US traders brace for this morning’s January CPI release, according to Coinglass data.

The most recent negative reading on the index occurred on February 3 when Bitcoin’s value bottomed out at $92,000 following President Trump’s announcement of tariffs on imports from Canada, Mexico, and China, which stoked inflation fears.

The premium index tracks the spread between Bitcoin’s dollar-denominated price on Coinbase and the tether-denominated price on Binance. When it is negative, Bitcoin is trading at a higher rate on Binance than on Coinbase, indicating selling pressure from US retail investors since Coinbase serves as one of their go-to crypto platforms.

Bitcoin briefly dipped below $95,000 on Tuesday afternoon before recovering. Overnight, prices fluctuated between $95,000 and $96,000. At press time, BTC was trading around $95,800, down 2% over the past 24 hours, per CoinGecko data.

Offshore traders also led the price recovery from overnight lows near $94,900 to $96,000 according to the premium indicator.

The negative Coinbase premium is consistent with the trend of outflows from US spot Bitcoin ETFs, which have now registered two days of net withdrawals, according to Farside Investors data.

Over the first two trading days of the week, approximately $243 million was withdrawn from these funds. Despite the negative performance, BlackRock’s IBIT is still on its buying spree, netting around $59 million so far this week.

Inflation data are in the spotlight.

Economists anticipate January’s CPI to show a headline inflation rate of 2.9%, matching December’s annual increase. Core inflation, excluding food and energy prices, is expected to rise 3.1% year-over-year, potentially marking the lowest level since April 2021.

The Federal Reserve maintained the fed funds rate at 4.25%-4.5% during its January 2025 meeting, following three consecutive rate cuts in 2024.

According to Chair Powell, the Fed is not in a hurry to lower interest rates and has paused to see further progress on inflation. The Fed seeks to achieve maximum employment and inflation at a rate of 2% over the long run.

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Bitcoin fell to a low of $94,081 after US inflation data for January came in above expectations, with the Consumer Price Index rising 3.0% year-over-year versus economists’ forecast of 2.9%.

Core inflation, which excludes food and energy prices, increased 3.3%, surpassing the projected 3.1%. The higher-than-anticipated figures sparked selling across crypto markets, with altcoins also declining.

The inflation report follows Federal Reserve Chair Jerome Powell’s testimony to the Senate Banking Committee, where he emphasized a measured approach to monetary policy.

“With our current policy stance being significantly less restrictive than before and the economy staying robust, we do not need to rush our policy adjustments,” Powell said.

Powell maintained there was “no rush” to cut interest rates while reaffirming the Fed’s 2% inflation target.

During the hearing, Senator Elizabeth Warren called for rate cuts at the March meeting, citing concerns about potential economic harm from continued monetary tightening.

The headline CPI reading increased from December’s 2.9%, suggesting the Federal Reserve might maintain its restrictive policy stance longer than previously expected.

Bitcoin, often seen as a hedge against inflation, has struggled to maintain that narrative in recent months.

The crypto market remains highly sensitive to US economic data and Federal Reserve policies.

With inflation still running hot, the Fear & Greed Index returned to the “fear” zone today after the recovery seen in recent days.

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Goldman Sachs has significantly increased its Bitcoin ETF holdings, expanding its position in the iShares Bitcoin Trust (IBIT) by 88% and the Franklin Bitcoin Trust (FBTC) by 105% compared to its previous filing, according to recent SEC filings.

In November, Goldman disclosed holdings of over $460 million in BlackRock’s IBIT Bitcoin ETFs, marking a notable shift from its earlier crypto skepticism.

The 13F filing reveals that Goldman Sachs has adopted a diversified approach to digital asset exposure, including options positions in these ETFs.

The strategy encompasses both direct ETF ownership and derivatives trading through call and put options.

The portfolio adjustments come amid broader market movements toward crypto assets, with Goldman’s increased allocation reflecting heightened institutional interest in Bitcoin-linked investment products.

Last July, the firm announced plans to launch three tokenized funds targeting the US and European markets, aiming to integrate blockchain technology into its operations.

Additionally, in November, Goldman initiated a blockchain venture focused on optimizing trading and settlement processes for financial instruments while supporting the tokenization of funds.

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Fed Chair Jerome Powell reiterated today that the US economy remains strong and the central bank won’t rush to cut interest rates, citing the need to ensure inflation continues to move toward its 2% target.

“With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance,” Powell said in testimony prepared for the Senate Banking Committee.

The US economy expanded at a 2.5% rate in 2024, supported by resilient consumer spending, while the labor market remains solid with payroll gains averaging 189,000 per month over the past four months, Powell noted. The unemployment rate stood at 4% in January.

Inflation has “eased significantly” over the past two years but remains above the Fed’s target, with core personal consumption expenditure prices rising 2.8% in the 12 months through December, excluding food and energy costs. Total PCE prices increased by 2.6% during the same period.

“We know that reducing policy restraint too fast or too much could hinder progress on inflation,” Powell said. “At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment.”

The Fed has held interest rates steady since July at 5.25% to 5.5% after raising them aggressively to combat inflation. Powell said the central bank would adjust its policy stance based on incoming data, the evolving outlook, and balance of risks.

This is a developing story.

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