Institutional interest in spot Bitcoin ETFs saw a sharp increase in Q4 2024 with assets reported under 13F filings rising to $38.7 billion. This marks a significant jump from previous quarters, according to data shared by Bitwise CIO Matt Hougan.
Bitcoin ETFs Mark Major Feat
Hougan highlighted the quarterly progression of Bitcoin ETF assets under 13F filings. He stated that they stood at “$11.5 billion in Q1, $11.1 billion in Q2, $12.4 billion in Q3, and $38.7 billion in Q4.” He added a sarcastic remark about assumptions that Bitcoin ETFs were primarily driven by retail investors.
Bloomberg Senior ETF analyst Eric Balchunas also noted the increasing institutional participation, emphasizing that Bitcoin spot ETF assets linked to 13F filers had “tripled in Q4 to $38 billion.” He estimated that institutional investors now account for “25-30%” of assets across most Bitcoin ETFs, approaching levels seen in gold ETFs like GLD, where institutional holders represent about 40%.
“IBIT alone now has 1,100 holders via 13Fs. Insane,” Balchunas stated, referencing BlackRock’s iShares Bitcoin Trust (IBIT). He compared this to other ETFs launched simultaneously, pointing out that “NUKZ, a pretty successful nuclear-themed ETF launched the same day as IBIT, has 29 holders. Most newbies have under 10.”
Balchunas suggested that BTC ETFs could reach a similar institutional ownership percentage as GLD, which he described as the “sweet spot” between retail and institutional investors. He also shared an image hinting at a previously predicted wave of institutional participation. He stated, “We were right when we said… (boomers were coming).”
One user questioned whether institutional ownership accounted for nearly 80% of Bitcoin ETFs, referencing a $50 billion AUM figure. Balchunas clarified, “$50B is just IBIT… all of them have like $130B.” The data underscores the rapid adoption of Bitcoin ETFs among institutional investors alongside traditional asset classes in portfolio allocations.
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