The recent release of U.S. 13F institutional holding reports has unveiled major players investing in Bitcoin spot ETFs. Which funds are attracting institutional capital, and what signals does this send to the market?
Over $50 Billion Inflows: U.S. Dominates 89.5% of Global Market Share
The U.S. leads global Bitcoin spot ETF adoption. As of May 7, HODL15Capital data shows:
| Metric | Value |
|---|---|
| Total BTC Held | 827,321 BTC |
| AUM | $52.1 billion |
| Global Market Share | 89.5% |
Top three ETFs by Grayscale, BlackRock, and Fidelity hold 719,000 BTC ($26.91B), accounting for 86.9% of the total. Meanwhile, Hong Kong's three spot Bitcoin ETFs hold just 4,256 BTC ($270M) — roughly 0.7% of U.S. first-day trading volume.
Key Trends in Institutional Adoption
- Grayscale’s GBTC: Initially faced outflows but recently saw its first inflows, now holding 47% of January’s BTC.
- BlackRock’s IBIT: Growth slowed in April after strong initial uptake.
- Fidelity’s FBTC: Consistently ranks among top choices for institutions.
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Who’s Investing? Breakdown by Institution
| Institution | ETFs Held | Total Value |
|---|---|---|
| Susquehanna International | GBTC, FBTC, ARKB, IBIT, BITB | $1.3 billion |
| Ovata Capital (Hong Kong) | FBTC, GBTC, BITB, IBIT | $74 million |
| Hightower | GBTC, FBTC, IBIT, ARKB, BITB | $68.34 million |
| Yong Rong Asset Management | IBIT | $38 million |
Notable Observations:
- Hong Kong Firms: Three Hong Kong-based asset managers allocated to U.S. ETFs, likely due to fee structures and custody options.
- Banks: Conservative positions (e.g., BNP Paribas invested just $40K in IBIT).
- Diversification: Most allocations represent <1% of institutional portfolios.
FAQ: Bitcoin ETF Institutional Adoption
Q1: Which Bitcoin ETFs are most popular among institutions?
A: GBTC, IBIT, and FBTC dominate holdings, with Susquehanna’s $1.3B investment spanning multiple funds.
Q2: How much BTC do U.S. spot ETFs hold collectively?
A: 827,321 BTC ($52.1B), equivalent to 4.2% of Bitcoin’s circulating supply.
Q3: Why are Hong Kong ETFs lagging behind U.S. products?
A: Limited local demand and regulatory hurdles contrast with the U.S.’s mature ETF infrastructure.
Q4: Are institutions replacing direct BTC purchases with ETFs?
A: Not yet — ETF positions remain small fractions of overall portfolios (e.g., Hightower’s $68M allocation is <0.1% of its $617B AUM).
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Key Takeaways
- Market Leadership: U.S. ETFs command nearly 90% of global Bitcoin ETF AUM.
- Institutional Preferences: BlackRock and Fidelity products attract significant capital, while smaller issuers struggle.
- Global Contrasts: Hong Kong’s market shows minimal growth despite early optimism.
Data sources: SEC 13F filings, HODL15Capital. Figures as of May 7, 2024.