A fresh look at 13F filings has offered one of the clearest breakdowns yet of who is actually holding spotBitcoin ETFs — and the results show a major shift underway.
Investment advisors, often seen as the "diamond hands" on the market, have now surged ahead as the top holders by a wide margin, with more than $10 billion in exposure and roughly 125,000 BTC.
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That puts them far ahead of hedge fund managers and brokerages, who hold about $6.9 billion and $2.1 billion, respectively.
Right now, these 13F filers make up about 20% of total Bitcoin ETF assets, but analysts think this number could go a lot higher, maybe even hitting 35-40% as more large financial institutions and warehouses start to join in.
Nice look at the breakdown of holders of the spot bitcoin ETFs via 13F filings. Advisor has surged up the list now #1 by a mile. These 13F filers make up 20% of total assets, but IMO that is likely to rise to 35-40% as more adoption comes (esp from wirehouses) via @JSeyff pic.twitter.com/JgxM4zmaex
— Eric Balchunas (@EricBalchunas) June 4, 2025
It is not just a temporary shift; it is a real change in how institutions are thinking aboutBitcoin. They are being more cautious, thinking long-term, and preferring vehicles like ETFs that are ready to comply with regulations.
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This is supported by a noticeable pickup in inflows. On June 3 alone, net inflows hit $378 million, pushing the total to $44.48 billion.BlackRock's IBIT is still on top, with $70 billion in assets, but Fidelity, Ark and Bitwise are also doing well. The broader market now holds $128 billion in Bitcoin ETF assets, which is over 6% of Bitcoin's total market cap.
This is what you want to see. Investment advisors are long term investors. Agree with Eric that this trend will accelerate. https://t.co/WyKbRcBwB0
— Matt Hougan (@Matt_Hougan) June 4, 2025
After a rough spring, recent monthly and weekly flows suggest that things might be looking up. If that 40% projection comes to pass, it could be a huge step in Bitcoin's growth in the traditional finance world.
