The Galaxy Bitcoin Fund will require a $25,000 minimum investment with optional quarterly redemptions. The Galaxy Institutional Bitcoin Fund will allow weekly withdrawals and require minimums higher than $25,000. Both funds will offer professional oversight of bitcoin storage, tax documentation, and client service support.

Galaxy Digital Asset Management, a division of the merchant bank Galaxy Digital, is launching two bitcoin funds in November, according to a source with direct knowledge of the matter.

Headed by billionaire ex-hedge fund manager Michael Novogratz, Galaxy is offering the funds to give accredited investors low-fee, institutionally managed bitcoin exposure and will make a seed investment into both funds. Novogratz hinted that the funds were in the works on CNBC.

Paul Cappelli is the portfolio manager for both funds, though they will be passively managed, meaning the investments (in this case, bitcoin) are automatically selected. Galaxy’s asset management division is led by Steve Kurz.

It is unclear how much money Galaxy aims to raise from investors for either fund.

Currently, Galaxy Digital offers the Galaxy Crypto Index Fund, which provides exposure to the largest cryptocurrencies by market cap by tracking the Bloomberg Galaxy Crypto Index.

$7.5K: Bitcoin’s Price Tanks to Four-Month Low

Bitcoin’s low volatility consolidation has ended with a violent drop beyond four-month lows near $7,500.

The premier cryptocurrency fell by $500 in just 15 minutes at 12:50 UTC to hit a low of $7,500 – the lowest level since June 10, according to Bitstamp data. It is currently hovering at that price.

The global average price, as represented by CoinDesk’s Bitcoin Price Index (BPI), also hit a low of $7,549. With the price slide, BTC’s market capitalization also tanked to $135 billion.

A big move was overdue as bitcoin’s price volatility had dropped to a 6.5-month low of 2.58 percent earlier today, according to Coinmetrics.

The cryptocurrency was largely trapped in a trading range of $8,500 to $7,850 since the end of September. The consolidation was expected to end with a bullish breakout as technical charts were reporting signs of seller exhaustion near $7,850 – a key Fibonacci retracement level.

The range, however, has ended with a violent move to the downside, possibly due to massive long squeeze reported by @WhaleCalls. A long squeeze occurs when a drop in prices forces long holders to unwind their positions. That adds to the downward pressure, leading to a deeper price slide.

The range breakdown has exposed support at $7,430 (multiple daily lows in June). As of writing, BTC is changing hands at $7,600, representing a 7 percent drop on a 24-hour basis.

Other cryptocurrencies are also flashing red. Names like binance coin and litecoin are reporting 8 percent drop and ether, XRP and bitcoin cash are shedding 6-7 percent, according to CoinMarketCap.

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