Bitcoin's adoption in traditional finance (TradFi) continues to surge, with a significant increase in spot Bitcoin exchange-traded funds (ETFs) investments. Last quarter, numerous U.S. banks, investment managers, hedge funds, and professional firms bought spot Bitcoin ETFs, indicating growing institutional interest in crypto assets.

Notably, 937 professional U.S. firms were invested in the spot Bitcoin ETF market as of March 31, according to K33 Research. Major investments came from Millennium Management and Susquehanna International Group (SIG), with $2 billion and $1 billion respectively. Other significant investments were made by Bracebridge Capital, Boothbay Fund, Morgan Stanley, and Pine Ridge Advisers.

Furthermore, alternative asset manager Aristeia Capital, investment firm Graham Capital, and hedge fund manager Crcm LP reported significant exposures to the Bitcoin ETFs. Meanwhile, the digital asset market may soon witness an influx of investments from state-owned professional firms, with the State of Wisconsin Investment Board already setting the pace with a $163 million exposure to Bitcoin ETFs.