**News Flash: Institutional Bitcoin ETF Adoption Soars in Q2 2024**

The second quarter of 2024 saw a notable rise in institutional adoption of spot Bitcoin exchange-traded funds (ETFs), despite Bitcoin's recent price correction.

Key Highlights:

- Institutional adoption of US spot Bitcoin ETFs surged by over 27%.

- 262 new firms invested in spot Bitcoin ETFs, bringing the total to 1,199 professional firms by June 30, according to K33 Research analyst Vetle Lunde.

- Institutions now account for 21.15% of total assets under management (AUM) in Bitcoin ETFs, up from 18.7% in Q1.

However, retail investors still hold the majority of Bitcoin ETFs. Despite the increased institutional interest, Bitcoin's price has struggled to surpass the $60,000 mark, trading at $58,370 as of August 14. Inflows into Bitcoin ETFs turned positive on August 15 with $11 million, but this is overshadowed by the $81.4 million outflows recorded the previous day.

Continued institutional investment is crucial for Bitcoin to reach new highs, but current ETF inflows remain insufficient to drive significant price gains.