Over $11 billion invested by more than 900 institutions in Bitcoin ETFs

Wow, can you believe that as of March 31, a whopping 937 institutions had poured in over $11 billion into U.S. spot Bitcoin ETFs?

Vetle Lunde, a Senior Analyst at K33 Research, gave some perspective, mentioning that this $11.05 billion investment makes up 18.7% of all funds managed by BTC-based products. Surprisingly, only 95 firms showed interest in gold ETFs during the same timeframe.

According to 13F reporting, 937 professional firms were invested in U.S. spot ETFs as of March 31. In comparison, gold ETFs had 95 professional firms invested in their first quarter (Bitwise).

Retail owns a majority of the float. Professional investors held exposure of $11.06bn… pic.twitter.com/jYEQZkpDiT

— Vetle Lunde (@VetleLunde) May 16, 2024

Impressively, one of the 937 firms is none other than Morgan Stanley, who decided to invest $269.9 million in GBTC, making them the second-largest holder of a Grayscale ETF after Susquehanna International Group, which holds around $1 billion.

Among all the investments, GBTC seems to be the clear winner with a total of $4.38 billion in investments. Following closely is IBIT from BlackRock, securing $3.23 billion, and FBTC from Fidelity completing the top three with $2.1 billion.

Fast forward to May 15, and the net inflow into spot Bitcoin ETFs saw a significant spike, reaching $303 million, with $131 million flowing into FBTC and $86.3 million into BITB. Since approval, these ETFs have seen over $12 billion in inflows, marking a positive trend for the third consecutive day, as per SoSoValue.

Just recently, on May 13, Bitwise’s Chief Investment Officer, Matt Hougan, highlighted the fresh frenzy surrounding Bitcoin ETFs among institutions. Reports suggest that around 563 investment companies jointly put in about $3.5 billion in ETFs.

He drew parallels with the early days of gold-focused exchange-traded funds in 2004, which saw immense success, attracting over $1 billion in the first five trading days.