Coinbase has Report The updated 2Q 2024 13-F filing shows a significant increase in institutional inflows into US spot bitcoin ETFs, which the company sees as a “promising indicator” for the bitcoin market. The 13-F filing released on August 14 shows that institutional ownership of these ETFs increased from 21.4% to 24.0% between the first and second quarters of 2024.
Notably, the proportion of ETF shares held by the “investment advisor” category rose from 29.8% to 36.6%, indicating growing interest from wealth management firms. Notable new holders included Goldman Sachs and Morgan Stanley, which added shares worth $412 million and $188 million, respectively. Despite the decline in bitcoin’s price during the quarter, net inflows into spot bitcoin ETFs reached $2.4 billion.
“The ETF complex saw net inflows of $2.4B during this period, although total AUM of spot Bitcoin ETFs declined from $59.3B to $51.8B (due to BTC dropping from $70,700 to $60,300),” Coinbase reported. “We think continued inflows to the ETF during Bitcoin’s poor performance could be a promising indicator of continued interest in crypto from the new pools of capital that ETFs make available.”
Coinbase and Bloomberg
Coinbase expects this growth to continue as more brokerage houses complete their due diligence on Bitcoin ETFs, especially among registered investment advisors. However, the report also states that seasonal factors and current market volatility may reduce short-term inflows.
“In our view, it is likely that we will continue to see an increase in the proportion of investment advisor holdings as more brokerage houses complete their due diligence on these funds,” the report states. “We may not see a large volume of investment immediately in the short term, as it can be harder to attract clients during the summer, when more people are on vacation, liquidity is low and price action can be volatile.”,
