In a put up on X on Aug. 21, Bitwise chief funding officer Matt Hougan stated that Bitcoin ETFs are being adopted by institutional traders “sooner than every other ETF in historical past.”
He famous that spot Bitcoin ETFs “are the fastest-growing ETFs of all-time,” having amassed $17.5 billion in web flows since launching in January. Hougan added that they had been about to interrupt ETF data:
“That is on tempo to smash the earlier ETF report, held by the Nasdaq-100 QQQs, which gathered $5 billion of their first 12 months. It’s not even shut.”
The Invesco QQQ is an ETF based mostly on the Nasdaq-100 Index and one of many oldest, largest and most-traded funds available on the market.
Bitcoin ETFs Surging, Spot Markets Lagging
Hougan stated critics argue that solely retail traders are shopping for Bitcoin ETFs, pointing to 13F filings that present establishments maintain solely 21% of present ETF belongings underneath administration.
Nevertheless, he stated that the BTC merchandise lead in institutional adoption, each by way of the variety of such holders and AUM, in comparison with different fast-growing ETFs.
“Bitcoin ETFs are by far the leaders by way of institutional adoption. That’s true whether or not you measure by variety of establishments or AUM.”
1/ Bitcoin ETFs are being adopted by institutional traders sooner than every other ETF in historical past. Do not consider the “it is simply retail” story. The info show in any other case.
A thread.
— Matt Hougan (@Matt_Hougan) August 21, 2024
The narrative might be bolstered when taking a look at hedge fund adoption of Bitcoin ETFs. Earlier this week, analysis analyst at funding agency River, Sam Baker, reported that 60%, or 15 out of 25, of the biggest American hedge funds have Bitcoin ETF holdings.
“Not a single one bought over the second quarter, and most are nonetheless stacking,” he stated.
The biggest holder is Millennial Administration which has 27,263 BTC, adopted by Schonfeld Strategic Advisors with 6,734 BTC, in line with River.
60% of the biggest U.S. hedge funds maintain Bitcoin ETFs
Not a single one bought over the second quarter, and most are nonetheless stacking
This is how institutional bitcoin adoption continues to be ramping up👇 pic.twitter.com/sOpzE5XKDj
— Sam Baker (@macromule) August 19, 2024
Spot BTC ETFs Nonetheless Inflowing
Spot Bitcoin ETFs in the USA posted a fifth consecutive day of inflows on Aug. 21 with $39.5 million, in line with preliminary knowledge from Farside Buyers.
Grayscale Bitcoin Mini Belief (BTC) was the chief of the pack, with an influx of $14.2 million whereas the Constancy Clever Origin Bitcoin Fund (FBTC) was second with $10.7 million.
To this point this month, 66% of buying and selling days have seen optimistic inflows for spot Bitcoin ETFs regardless of asset costs declining 8.5% because the starting of August.
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