Coinbase is available on the web. reported The company believes that the updated 13-F filings for 2Q 2024 indicate an increase in institutional flows into U.S. Bitcoin spot ETFs. “promising indicator” Bitcoin is a market. The 13-F filings, released on August 14, reveal that institutional ownership of these ETFs grew from 21.4% to 24.0% between Q1 and Q2 of 2024.
The proportion of ETFs held by investors is significant. “investment advisor” The category grew from 29,8% to 36,6%. This indicates a greater interest by wealth management companies. Goldman Sachs, Morgan Stanley and others are notable new owners, adding $412 and $188 millions worth of shares respectively. Even though Bitcoin dropped in price during the third quarter, spot Bitcoin ETFs saw net flows of $2.4 billion.
“The ETF complex saw net inflows of $2.4B during this period, although the total AUM of spot bitcoin ETFs dropped from $59.3B to $51.8B (due to BTC dropping from $70,700 to $60,300),” Coinbase reported. “We think that the continued ETF inflows during bitcoin’s underperformance may be a promising indicator of sustained interest in crypto from the new pools of capital that the ETFs give access to.”
Coinbase anticipates that this growth will continue, as more brokerage firms complete their due diligence regarding Bitcoin ETFs. This is especially true for registered investment advisers. However, seasonal factors and the current volatility of the market may temper short-term inflows.
“In our view, it’s likely that we will see the proportion of investment advisor holdings continue to increase as more brokerage houses complete their due diligence on these funds,” According to the report, “We may not immediately see large inflows emerge in the short-term, as soliciting clients may be harder to do during the summer, when more people are on vacation, liquidity tends to be thinner and the price action might be choppy.”
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Source: bitcoinmagazine.com
