The demand for Bitcoin among institutional investors is increasing, as the recent inflows into ETFs indicate. According to the latest Dune data, spot Bitcoin ETFs received 4,184 coins worth over $263 million on Monday.
Over the past week, investors have allocated 17,440 coins valued at $1.1 billion to these funds. The iShares Bitcoin ETF (IBIT) has experienced the most significant growth in this trend, with a net inflow increase of 9,130.
Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) has acquired 6,231 coins in the last seven days. Ark Invest, Bitwise, Invesco, and VanEck are the other major beneficiaries of these inflows.
Conversely, the Grayscale Bitcoin Trust (GBTC) has continued to lose assets as investors move away from its substantial fees. GBTC currently holds 272,661 coins, a number that is expected to decrease further in the upcoming months.
Additional data from SEC filings indicates that institutional investors are at the forefront of this trend. Some of the largest holders include Millenium Management, Susquehanna International, Horizon Kinetics, Jane Street, and Morgan Stanley. Other significant holders are Apollo Global, Hudson Bay Capital, and Pine Bridge Advisors.
Millennium, led by billionaire Izzy Englander, is one of the most successful hedge funds in the world, with over $67 billion in assets. Susquehanna is led by a Trump backer who is also one of the biggest holders of TikTok, while Apollo Global is one of the biggest private equity companies in the world.
These inflows come at a time when sentiment in the crypto industry is improving. Just on Monday, Blackrock’s CEO, Larry Fink, said that he believed that Bitcoin was a legitimate financial instrument. In an interview with CNBC, he said:
“My opinion five years ago was wrong. I believe bitcoin is a legitimate financial instrument. It is an instrument that you invest in when you’re more frightened. It is an instrument when you believe that countries are debasing their currency by excess deficits.”
Analysts, including those at VanEck, believe that the demand for Bitcoin ETFs will continue to rise as we approach the upcoming general election in the US. If this trend continues, it means that between 150k and 220k coins will be added to spot Bitcoin ETFs by the end of the year.
