Harvard Management Company has sold its entire $87 million worth of Ethereum (ETH) according to its Q1 13F filing with the SEC. The Harvard Management Company is the entity that manages Harvard University’s endowment fund. The Q1 exit came amid a market-wide downtrend for the crypto sector, with ETH falling to the $1800 mark in early February.
Why Did Harvard Exit Its Ethereum Position?
Ethereum (ETH) has faced quite a price dip over the last few days. According to CoinGecko data, ETH’s price has dipped by 0.2% in the last 24 hours, 6% in the last week, 6.7% in the 14-day charts, and 10% over the previous month.
It is possible that Harvard Management Company anticipated Ethereum’s (ETH) price to dip, given the bearish market forces. The US-Iran war was in full effect in Q1 of this year, and macroeconomic worries were piling up. The latest inflation data has come in higher than expected, which has significantly reduced the chances of an interest rate cut.
Ethereum (ETH) is not the only asset Harvard Management Company has reduced its exposure to. The firm has also sold some of its gold, Nvidia (NVDA), TSMC, and Broadcom holdings. Moreover, it has also reduced some of its Bitcoin (BTC) ETF exposure, but is still one of the largest holders.
According to Bloomberg ETF expert Eric Balchunas, “For Harvard, they own a bunch of other stocks, and stocks have done really well, so it might make it easier to absorb the losses in [Bitcoin], and sort of keep their position for a while hoping it comes back, which it did a little in the last month.”
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It is unclear if Harvard Management Company will open another Ethereum (ETH) position in the future. The crypto market has struggled for several months and investors may be loosing confidence.
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