A US pension fund has revealed large investments in Bitcoin and Ethereum

Michigan has taken a significant leap into crypto investing, disclosing its holdings in spot exchange-traded funds (ETFs) for Bitcoin and Ethereum in a recent 13F filing with the SEC. The Michigan Retirement System, which manages pension funds worth about $144 million, invested more than $6.9 million in the Bitcoin ETF ARK/21Shares, comprising approximately 110,000 shares.

It also became the first state pension fund to invest in an Ethereum ETF, totaling about $10 million, which positions Michigan among the top five holders of ETH and the Grayscale ETH Trust.

In contrast, the Wisconsin Board of Investments has disclosed holdings in BTC ETFs, including those of BlackRock and Grayscale. Quarterly 13F filings provide insight into institutional investment strategies, revealing that spot Bitcoin ETFs are experiencing a six-month peak in demand.

However, despite a solid October, BTC ETFs experienced a net outflow of $54.9 million in early November, with Fidelity's FBTC contributing significantly to this decline.

Grayscale's GBTC saw just $5.51 million in outflows, suggesting stabilization, while BlackRock's iShares BTC Trust (IBIT) saw no activity on November 1 following a significant inflow of $872 million on October 30.