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Institutional investors now hold approximately 20% of all US-traded spot Bitcoin ($BTC) exchange-traded funds (ETFs), according to recent data.
CryptoQuant CEO and founder Ki Young Ju revealed that the latest 13F Form filings show that institutional investors hold over 193,000 $BTC via Bitcoin ETFs as of Oct. 18.
He also revealed that roughly 1,179 institutions have invested in US-traded spot Bitcoin ETFs. The list includes $70 billion asset manager Millennium Management, $438 billion trading firm Jane Street, and $2.93 trillion investment bank Goldman Sachs.
IBIT leads in absolute amount
In absolute numbers, BlackRock’s iShares Bitcoin Trust ETF (IBIT) has the most Bitcoins held by institutions, with over 71,000 $BTC. However, its institutional adoption percentage of 18.38% is below average.
Grayscale’s GBTC registered 44,707.89 $BTC held by institutional investors, the second-largest amount, with 20.25% of its shareholders being institutional investors.
Meanwhile, ARK 21Shares’ ARKB had the highest institutional participation, with 32.8% of its shares owned by asset managers, equating to roughly 17,166 $BTC.
The ETF with the least institutional participation is Grayscale’s Bitcoin Mini Trust, with just 1.52% of its shares held by these investors, while CoinShares Valkyrie ETF (BRRR) shows the smallest absolute amount in Bitcoins, with 451.26 $BTC bought by institutions through the product.
The third-largest ETF, Fidelity’s FBTC, is also the third option sought by institutional investors, with 44,623.23 $BTC held by institutional investors, which make up 24.14% of its holders.
Bitcoin ETF and price correlation
A recent VanEck report highlighted a stronger correlation between Bitcoin ETF flows and the cryptocurrency’s price in recent months, driven largely by increasing institutional adoption.
Spot Bitcoin ETFs traded in the US broke the $21 billion threshold in year-to-date flows on Oct. 18, according to Farside Investors data.
According to VanEck surge in institutional interest may explain Bitcoin’s 11% price increase in October, reaching $67,478. The asset manager suggests that growing demand from institutions could continue to fuel Bitcoin’s upward momentum in the near future.