Golden Finance reported that Bitwise CIO Matt Hougan posted on social media that Bitcoin ETFs are being adopted by institutional investors faster than any other ETF in history. Don't believe the story that only retail investors are participating. Since its launch in January, the Bitcoin spot ETF has attracted $17.5 billion in net inflows. The previous record holder, the Nasdaq 100 QQQ, only had a net inflow of about $5 billion in the first year. However, a common criticism from Bitcoin critics is that these are all retail investors buying, and there are no institutional buyers. According to the latest 13-F filing (Q2 2024), institutions only hold 21% of the current Bitcoin ETF's assets under management. The other 79% is held by retail investors, which does sound bad. But according to a data provided by Bloomberg analyst Eric Balchunas, the 10 fastest-growing new ETFs in history (ranked by asset management scale one month after listing) are far behind Bitcoin spot ETFs in terms of institutional adoption and institutional holdings after 2 quarters of listing. (Bitcoin ETF has 1,100 institutions, and most others are only in the double digits) Whether measured by the number of institutions or the size of assets under management, Bitcoin spot ETFs are leading. The reason for the so-called low institutional participation is that the retail adoption of Bitcoin ETFs is so large that the institutional adoption rate seems small in comparison.