Key Points
- Institutional ownership of U.S. Bitcoin ETFs rose to 24% by the end of Q2 2024, despite a challenging market.
- Spot Bitcoin ETFs experienced net inflows of $2.4 billion during the quarter, indicating continued institutional interest.
Even in a challenging market environment, institutional ownership of U.S. spot Bitcoin ETFs saw an increase last quarter.
The ownership rose to 24% by the end of Q2 2024, as reported by H.C. Wainwright analysts. This is a rise from the previous quarter’s 21.4%, as per the latest 13-F filings and data compiled by Coinbase.
Market Challenges and Bitcoin ETFs
Despite these market challenges, the total assets under management for these ETFs fell 13% quarter-over-quarter to $51.8 billion. This was largely due to the declining prices of Bitcoin (BTC).
Prominent new institutional investors included Goldman Sachs, with $412 million in ETF shares, and Morgan Stanley, with $188 million. However, part of these assets might be held for clients.
Bitcoin ETF Inflows
Spot Bitcoin ETFs witnessed a significant inflow of $61.98 million on August 19, led by BlackRock’s IBIT with $92.7 million. This happened even though ETFs like Bitwise’s BITB and Invesco Galaxy’s BTCO saw outflows. The total cumulative inflows for Bitcoin ETFs have now surpassed $17.4 billion.
Investment advisors now make up 36.6% of total institutional holdings in spot Bitcoin ETFs, a rise from the first quarter’s 29.8%. Meanwhile, hedge fund holdings decreased to 30.5% from 37.7%.
Despite these market fluctuations, spot Bitcoin ETFs saw $2.4 billion in net inflows during the quarter, indicating sustained institutional interest in the crypto space.
