Why is the majority of the U.S. Bitcoin Spot ETF still retail investors? 80% of the funds come from retail!

From the data table in the image, it shows institutional holdings data related to Bitcoin (BTC), including the following key indicators:

Key Data Analysis

1. 13F Filing Shares:

• This is the number of shares disclosed by institutions in quarterly reports as required by the U.S. Securities and Exchange Commission (SEC). IBIT has the highest holding at 124,546,657 shares, significantly proportionate.

2. Total Outstanding Shares:

• Represents the total issuance shares of relevant Bitcoin funds or ETFs. IBIT has the largest total share, at 677,760,000.

3. BTC Holdings by Institutions:

• Represents the number of Bitcoins held directly or indirectly by institutions. Specifically:

• IBIT: The largest number of Bitcoin held by institutions, totaling 71,045.19 BTC.

• FBTC and GBTC follow closely, with 44,623.23 and 44,707.89 BTC, respectively.

• Holdings in other projects are significantly lower.

4. Total BTC Holdings:

• Reflects the total Bitcoin holdings of each product (including institutions and retail). IBIT remains the largest, with a total Bitcoin holding of 386,614.83 BTC.

5. Institutional Ownership:

• This is the proportion of institutional holdings relative to total holdings, reflecting institutional participation. Higher proportions include:

• EZBC: 24.55%

• FBTC: 24.14%

• GBTC: 20.25%

• ARKB: 32.79% (highest)

Summary

1. Institution-Dominated Products:

• IBIT is currently the main institutional participation product in the Bitcoin market, with holdings and market share significantly higher than other products.

• FBTC and GBTC are also important choices for institutional investors.

2. Distribution of Institutional Participation:

• ARKB has the highest institutional participation rate (32.79%), indicating that this fund may attract a higher proportion of institutional investment.

• In contrast, the institutional participation rate for BTC (direct Bitcoin holdings) is only 1.52%, which may reflect a trend of more retail investors holding Bitcoin directly.

3. Market Concentration:

• The top three funds (IBIT, FBTC, GBTC) account for the vast majority of institutional Bitcoin holdings.

This data indicates that institutional participation in Bitcoin's investment market is continuously expanding, and its dominant role in the market is mainly concentrated among a few leading fund products.