According to a report from Bijie.com: In the first quarter, major institutions, including hedge funds, invested heavily in US Bitcoin ETFs, with total holdings reaching $10.7 billion. Analysis by Bitwise CIO Matt Hougan showed that 944 companies with assets of more than $100 million reported investments in these ETFs. Notably, Point72 Asset Management, Citadel Advisors, Millennium Management and Elliot
Investment Management are among the investors, with Millennium Management holding over $2 billion in four ETFs. However, concerns have been raised about the transparency of these investments due to the prevalence of off-chain transactions, which are part of the cash redemption feature of the US spot BTC ETF. This feature allows transactions to be settled in cash rather than the underlying Bitcoin, raising questions about the transparency and efficiency of these investments compared to more traceable and transparent on-chain transactions.