- Bitcoin attracts more investment from Harvard than gold amid debasement concerns.
- Harvard’s largest portfolio position is IBIT, drawing close attention from investors.
- Market sentiment improves as price rebounds and support levels remain strong.
Harvard University is now investing more in Bitcoin than gold, according to Bitwise CIO Matt Hougan. The action indicates that Harvard is quite certain about BTC in the backdrop of the debasement trade, preferring Bitcoin to gold ETFs. Harvard University is investing significantly more in Bitcoin than gold as the US dollar is faced with debasement pressures, a December 8 X post by Bitwise CIO Matt Hougan revealed.
Harvard grew its Bitcoin portfolio to approximately $443 million in Q3, compared to $117 million in the prior quarter, and their exposure to gold ETFs was increased to about $235 million, compared to $102 million. Hougan has added that Harvard is investing in Bitcoin at about 2:1 compared to gold, implying that the university is evidently showing preference towards BTC in a debasement environment.
Bitcoin Dominates Harvard University’s Endowment Strategy
Harvard Management Company (HMC), a company managing the endowment of the university, owns 6.81 million shares of iBitcoin ETF (IBIT) through BlackRock. This leaves Bitcoin as the largest in the portfolio, with IBIT making 21% of the overall holdings.
HMC is also a 0.66 million shareholder in SPDR Gold Shares (GLD), which, in turn, is worth $235.10 million, being the fourth-largest holding after Microsoft and Amazon. The total portfolio of the firm is estimated at $2.10 billion. Investment activities of Harvard University are closely followed by traditional and crypto investors since they tend to affect other major participants.
Source: FinTel
Spot Bitcoin ETFs registered net outflows of $87.77 million last week. IBIT by itself experienced an outflow of $48.99 million in the market due to the uncertainty in the market before the FOMC meeting. A possible 25 bps Fed rate cut on Wednesday may bolster the positive Bitcoin sentiment.
Also Read: Bitcoin, Ethereum, and Altcoins Face Mixed Week While TRON Surges to 350 Million Accounts
BTC Gains Momentum as Trading Volume Jumps
As of press time, BTC has recovered by over 2.91% in the past 24 hours, and it is currently trading at $92,008. The price has fluctuated between a low of $87,799 and a high of $92,267 in the past day. The recent recovery was supported by a strong trading volume growth of 57.59%.
According to CoinGlass data, trading volume increased by 103.44% to $88.36 billion, and open interest increased by 3.64% to $58.63 billion. The BTC OI-Weighted Funding Rate is 0.0073%.
Source: CoinGlass
CoinLore data shows that as long as Bitcoin remains over the level of $90,907, it will propel to its first significant resistance at $94,381. If the price overcomes this resistance, BTC will achieve momentum and will be pushed to the next resistance level at $99,449 and then to a higher ceiling of $103,491. These ranges are possible areas that the price may either stagnate or gain further momentum.
In case the market decreases, it will be essential to pay attention to the level of $90,907. A fall below this support may pave the way to a bigger fall the next level of support is at $87,341.
Also Read: SEC Chairman Predicts Tokenisation Will Transform U.S. Financial Markets
