Bitwise Chief Funding Officer Matt Hougan stated in an X submit on August 21 that institutional buyers are adopting Bitcoin ETFs “quicker than another ETF in historical past.”
He identified Spot Bitcoin ETF “The fastest-growing ETF ever,” which has amassed $17.5 billion in internet flows since its launch in January. Hougan added that they’re on the verge of breaking ETF data:
“That is on observe to interrupt the earlier ETF document held by Nasdaq 100 QQQ, which raised $5 billion in its first 12 months. It’s not even shut.
Invesco QQQ is an ETF primarily based on the Nasdaq 100 Index and one of many oldest, largest and most traded funds in the marketplace.
Bitcoin ETF surges, spot market lags
Hogan stated critics imagine solely retail buyers are buy bitcoin ETF, declaring that 13F filings present that establishments maintain solely 21% of ETF property at present underneath administration.
Nonetheless, he stated that in contrast with different fast-growing ETFs, BTC merchandise are main by way of institutional adoption, each by way of the variety of holders and the dimensions of property underneath administration.
“Bitcoin ETFs are by far the chief in institutional adoption. That is true whether or not you measure it by variety of establishments or AUM.
1/ Institutional buyers are adopting Bitcoin ETFs quicker than another ETF in historical past. Don’t imagine the “it’s simply retail” story. The info proves in any other case.
A thread.
— Matt Hougan (@Matt_Hougan) August 21, 2024
This assertion may be supported when hedge fund adoption of Bitcoin ETFs. Earlier this week, Sam Baker, a analysis analyst at funding agency River, reported that 60% of the biggest hedge funds in america, or 15 of 25 hedge funds, maintain Bitcoin ETFs.
“None of it was offered within the second quarter, and most are nonetheless stacked,” he stated.
River stated the biggest holder is Millennial Administration with 27,263 BTC, adopted by Schonfeld Technique Advisors with 6,734 BTC.
60% of the biggest U.S. hedge funds maintain Bitcoin ETFs
Not one of the second quarter offered and most are nonetheless stacked
Right here’s why institutional Bitcoin adoption remains to be on the rise 👇 pic.twitter.com/sOpzE5XKDj
— Sam Baker (@macromule) August 19, 2024
Spot BTC ETF remains to be seeing inflows
The U.S. Spot Bitcoin ETF noticed inflows for the fifth consecutive day on August 21, with inflows reaching $39.5 million. according to Preliminary information from Farside Buyers.
Grayscale Bitcoin Mini Belief (BTC) topped the listing with $14.2 million in inflows, whereas Constancy Clever Origin Bitcoin Fund (FBTC) ranked second with $10.7 million in inflows.
To date this month, spot Bitcoin ETFs have seen optimistic inflows on 66% of buying and selling days regardless of rising asset costs decline It has grown 8.5% since early August.
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