In the world of investment managers, while hedge funds are always in the limelight, it is the real money managers - traditional long-only investment funds - that manage the bulk of the money. These are the fund managers that have trillions of dollars under management - Fidelity, Capital Group, PIMCO, and the likes. One such fund manager - Franklin Templeton - is set to trade crypto.
The firm has opened up positions for someone to lead the cryptocurrency trading and research efforts for the firm. From the opening, it seems that this is a senior hire and will have various responsibilities as part of his position. Franklin Templeton manages $1.4 trillion dollars. From the job description, it can be guessed that Franklin's approach will not be that of taking short-term positions. They need someone to build valuation models around cryptocurrencies, possibly also companies that provide direct exposure to crypto. Besides this, they also want someone who can help with portfolio reconstruction and rebalancing. All in all, Franklin's approach is clear - They will deploy long-only strategies in crypto and run it without leverage based on fundamentals. Good for the market as such players will help lower volatility in the markets.
Bitcoin is still flirting with the $50k level. It broke it yesterday, did the same today but is unable to break past $51k to enter the next trading range. Volumes have increased slightly on the way up and RSI is well contained. Near-term support remains at 200 DMA i.e. $46k. 50 DMA is also sloping beautifully upwards, all signs of good things to come in the future weeks and months. Let's hope the weekend brings some good news on the price and next week, BTC is flirting with $60k.