According to K33 Research, as of the end of the first quarter, a total of 937 asset management giants in the United States have invested in Bitcoin spot ETF, with a total position of 11.06 billion US dollars, accounting for 18.7% of the total assets under management of BTC ETF.
(Previous summary:
Bullish signal: BTC whale activity drops to the lowest level this year, Bitcoin’s correlation with US stocks rises)
(Background supplement:
CME plans to launch Bitcoin spot trading: Coinbase plummets more than 9% upon hearing the news, fearing strong competition?)
Table of Contents:
GBTC is most favored by institutions, BTCW has the highest institutional dominance
Trading volume of 7 Bitcoin spot ETFs reaches a 7-week high
Grayscale GBTC has maintained net inflows for 2 consecutive days
Bitcoin surpasses $66,000
According to regulations by the US SEC, asset management institutions with stock assets over 100 million US dollars are required to submit their first quarter 13F reports 15 days prior to disclose their positions and provide information about the destination of funds. Therefore, we can know which institutions hold US Bitcoin spot ETFs.
Currently, according to K33 Research, as of the end of the first quarter, 937 asset management institutions have invested in US Bitcoin spot ETFs, with a total position of $11.06 billion, accounting for 18.7% of BTC ETF’s assets under management. This means that retail investors and investment institutions with assets under $100 million account for the majority of the circulating supply of Bitcoin spot ETFs.
In terms of various ETFs, GBTC is the most favored product among these institutions, with an amount of $4.38 billion, followed by IBIT with $3.23 billion and FBTC with $2.1 billion.
Among the institutional holdings of various ETFs, WisdomTree’s BTCW, VanEck’s HODL, and Ark Invest’s ARKB are the top three Bitcoin ETFs with the highest institutional holdings, accounting for 39%, 26%, and 24% respectively.
On the other hand, the trading volume of Bitcoin spot ETFs is growing strongly. Research company Santiment pointed out yesterday that the trading volume of the 7 largest Bitcoin ETFs reached $5.65 billion, the highest daily performance since March 24. Santiment commented, “The days when whales only accumulated Bitcoin on-chain are gone,” meaning that these institutions believe that whales are also buying Bitcoin spot ETFs.
Hedging fund manager Thomas Kralow commented, “The surge in trading activity is a very positive indicator for the market.”
In terms of fund flows, according to SoSo Value statistics, the latest net inflow of all spot ETFs is $257 million, of which Grayscale GBTC has maintained net inflows for 2 consecutive days. On the 16th, GBTC had a net inflow of $5 million worth of BTC, BlackRock’s IBIT had an inflow value of $94 million, and Fidelity’s FBTC had an inflow of $67 million.
According to statistics, a total of 10,458 BTC has flowed into spot ETFs this week, with a current value of approximately $683 million. Since its launch, spot ETFs have attracted over $12.4 billion in funds.
As for the future trend of Bitcoin prices, trading company QCP Capital emphasized the “real institutional and sovereign adoption” and the fact that Bitcoin has now exited the halving cycle. The institution pointed out:
According to Binance spot market data, the price of Bitcoin re-surpassed $66,000 this afternoon, currently at $66,151, with a small increase of 0.01% in the past 24 hours, almost recovering from yesterday’s decline.
(BTC price trend chart. Image source: Binance)
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