Recently, the U.S. Securities and Exchange Commission (SEC) received the first quarter 13F reports submitted by about 1,000 institutions, which hold a total of about $11.55 billion in Bitcoin spot ETFs. Among them, there are 18 institutions holding more than $100 million in related assets, 102 institutions holding more than $10 million, and 371 institutions holding more than $1 million. Most of these institutions are well-known hedge funds and asset management companies, such as Millennium Management, Jane Street Group, Schonfeld Strategic Advisors, etc.

However, the Bitcoin spot ETFs held by these institutions do not mean that they are bullish on Bitcoin. For high-frequency trading, cryptocurrency is just a volatile asset. Most institutions buy Bitcoin only for speculative trading strategies, which does not fully represent their recognition of Bitcoin's fundamental value.

In general, as of the first quarter, the asset size of spot BTC ETFs exceeded $11 billion, making it the most successful ETF issuance in history. BTC ETFs have promoted Bitcoin to a recognized financial asset and opened up a way for professional investors, hedge funds, family offices and institutions to participate in Bitcoin investment. Institutional interest in BTC ETFs is growing.