BlackRock's spot Bitcoin ETF is experiencing phenomenal growth, which Bloomberg ETF analyst Eric Balchunas describes as a "mind-blowing" and record-breaking success. More than 400 asset owner notifications were collected in the first 13F season.
In his post today, Balchunas expressed his surprise by stating that even the fact that this ETF has 20 institutional shareholders as a newborn baby is a big event and is quite rare.
Over the last month and a half, 13F applications for financial institutions have been gradually released. These filings, which report Bitcoin Spot ETF holdings as of the end of the first quarter of 2024, provide important information about which entities are purchasing spot Bitcoin ETF shares and the scope of each purchase.
Total filings reveal that 937 professional firms had investments in ETFs as of March 31. According to an analysis by Bitwise, this figure is ten times the number of people investing in gold ETFs.
According to analysis by K33 Research, at the end of the first quarter, professional investors held $11.06 billion in BTC ETFs, 18.7% of total managed assets.
Teddy Fusaro, President of Bitwise Asset Management, stated that the market reflects a virtuous cycle in which allocations from other institutions increase as real, large and established institutional investors begin to invest in Bitcoin. Fusaro also addressed the skepticism of market commentators who theorized that inflows exceeding $53 billion were due entirely to individual interest, and emphasized that the first 13F reporting season disproved this theory.
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