As of March 31, 937 institutions had invested over $11 billion in U.S. spot Bitcoin ETFs. According to Senior Analyst at K33 Research Vetle Lunde, this $11.05 billion represents 18.7% of the total funds managed by BTC-based products. In comparison, only 95 firms invested in gold ETFs over the same period.

Based on 13F reporting, 937 professional firms were invested in U.S. spot ETFs as of March 31. In contrast, gold ETFs had only 95 professional firms invested during the first quarter. Retail investors own a majority of the float, while professional investors held exposure amounting to $11.06 billion.

Morgan Stanley is among the 937 firms, investing $269.9 million in GBTC, making it the second-largest holder after Susquehanna International Group, which has approximately $1 billion invested. Institutions have shown the most interest in GBTC, with a total investment of $4.38 billion. Following the Grayscale fund is IBIT from BlackRock, which has seen $3.23 billion in investments. FBTC from Fidelity rounds out the top three with $2.1 billion in investments.

On May 15, the net inflow into spot Bitcoin ETFs increased to $303 million, including $131 million in FBTC and $86.3 million in BITB. Since approval, inflows into spot Bitcoin ETFs have surpassed $12 billion, with the positive trend continuing for the third day in a row.

On May 13, Bitwise Chief Investment Officer Matt Hougan noted that investing in Bitcoin ETFs is a growing trend among institutions. He mentioned that around 563 investment companies have collectively invested about $3.5 billion in these ETFs. Hougan compared the interest in spot Bitcoin ETFs to the surge in demand for gold-focused exchange-traded funds launched in 2004, which raised over $1 billion in the first five trading days.

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