I just reviewed Ark Invest's quarterly report, and there's something interesting in the Bitcoin holdings data. During the first quarter, the spot crypto ETF funds in the United States remained quite stable, hovering between 1.26 and 1.31 million BTC. What caught my attention is that this happened despite Bitcoin experiencing a maximum drop of 23% during the period.

Many would think that with such a severe correction, institutional investors would be rushing for the exits, but the numbers tell a different story. At the end of March, total holdings were around 1.29 million BTC, virtually unchanged from the start of the quarter. This suggests that the large investors backing these crypto ETF funds maintain quite strong confidence in Bitcoin, even when prices get tough.

In reality, this stability in positions is what interests me most. It's not that there's no volatility, but that those with serious capital aren't capitulating when prices fall. That is usually a good sign that the market has found a bottom.