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Bitcoin (BTC) continues to attract institutional interest, with new data revealing significant growth in spot Bitcoin ETFs in the second quarter of 2024. Apollo Sats Co-Founder Julian Fahrer highlighted a notable increase in spot Bitcoin ETF positions among institutional investors. According to Fahrer, 13F filings indicate that many institutions have increased their holdings in these ETFs, demonstrating strong confidence in Bitcoin despite recent market fluctuations.
Institutions Are Aggressively Accumulating Bitcoin
Fahrer shared his insights on his X account, emphasizing that 154 institutions submitted their 13F filings to the U.S. Securities and Exchange Commission (SEC). These filings reveal that 79% of institutions increased their spot Bitcoin ETF holdings, while only 12.5% reduced their assets. The financial results are significant, with buyers adding $83.5 million to their holdings, compared to sellers offloading only $5.4 million. Fahrer summarized this trend by stating, “ETF buyers saw the Q2 dip as a buying opportunity,” highlighting the bullish sentiment among institutional investors during market pullbacks.
Despite the encouraging data, Fahrer warned that the analysis is still preliminary as many large institutions have yet to submit their reports. He noted that there is one month left until the final submission deadline, and the most influential institutions typically file towards the end. Fahrer also pointed out that a significant portion of the entries might not be reported in the 13F filings due to the dominance of individual investors in these ETFs. He drew parallels with the first quarter figures, where individual market activities were predominant in spot Bitcoin ETF entries.
One of the latest companies to disclose its exposure to these ETFs is True Private Wealth Advisors. According to the latest SEC filing, the fund manager revealed assets worth $1.9 million, with the majority allocated to Grayscale’s ETF GBTC, investing over $1.3 million. True Private Wealth Advisors also allocated $522,093 to Bitwise’s BITB, further highlighting the increasing institutional interest in Bitcoin ETFs.
Much Larger Allocations Expected for ETFs
Off The Chain Capital CEO Brian Dixon also reinforced the long-term bullish outlook for spot Bitcoin ETFs in a recent interview with CNBC. Referring to his previous predictions, Dixon stated, “I stand by my comments that we will see much larger allocations to spot Bitcoin ETFs towards the end of this year and early next year.” He emphasized that the world’s largest investors, such as sovereign wealth funds, pension plans, and endowments, typically need 12 to 18 months to complete their due diligence before making significant allocations.
Dixon expects this trend to continue and accelerate with recent political developments, stating, “I think what happened with Trump over the weekend could speed up the process of allocating more to cryptocurrencies and Bitcoin.” Looking ahead, Dixon also foresees a similar trajectory for spot Ethereum ETFs if they receive approval, predicting that significant allocations will follow the initial entry.
