Bloomberg Intelligence data shows advisors now hold $17.4 billion in Bitcoin ETF positions, nearly doubling hedge fund managers’ $9 billion exposure.
The university endowment now holds more Bitcoin than gold in dollars, with its SPDR Gold Trust position valued at roughly $102 million at quarter-end.
Seyffart also highlighted that advisors have become “by far the biggest holders” of spot Bitcoin ETFs. They added 37,156 BTC during the second quarter and reached 161,909 BTC.
He said that “pretty much every category” out of the 15 listed had increasing exposure during the second quarter, except pension funds, which maintained $10.7 million positions.
Brokerage firms’ allocation via Bitcoin ETFs reached $4.3 billion, after the second-largest addition among institutions of 13,911 BTC. Banks registered the third-largest allocation of 2,476 BTC, and now have roughly $655 million in Bitcoin through ETF shares.
Investment advisors’ $17.4 billion allocation exceeds the combined holdings of hedge funds, brokerages, and holding companies, signaling a shift toward professional wealth management integration.
Seyffart noted that the $33.6 billion allocated by institutional investors relates to 13F form filings, representing only 25% of the total Bitcoin ETF shares.
He added:
“The other 75% are owned by non-filers which is largely going to be retail.”
Despite the increasing institutional appetite, retail appears to drive most of the Bitcoin ETF still flows.
