Coinbase has reported that updated 13-F filings for Q2 2024 indicate a notable increase in institutional inflows into U.S. spot bitcoin ETFs, which the firm sees as a “promising indicator” for the bitcoin market. The 13-F filings, published on August 14, reveal that institutional ownership of these ETFs grew from 21.4% to 24.0% between Q1 and Q2 2024.
It is worth noting that the proportion of ETF shares held by the “investment advisor” category increased from 29.8% to 36.6%, indicating increased interest from wealth management firms. Notable new shareholders include Goldman Sachs and Morgan Stanley, which added shares worth $412 million and $188 million, respectively. Despite the decline in the bitcoin price during the quarter, net inflows into spot bitcoin ETFs reached $2.4 billion.
“The ETF complex saw net inflows of $2.4 billion during this period, although total assets under management for spot bitcoin ETFs declined from $59.3 billion to $51.8 billion (as btc fell from $70.7 billion to $60.3 billion),” Coinbase reported. “We believe continued ETF inflows during bitcoin's underperformance may be a promising indicator of sustained interest in crypto from the new pools of capital that ETFs provide access to.”
Coinbase expects this growth to continue as more brokerages complete their due diligence on bitcoin ETFs, particularly among registered investment advisors. However, the report also notes that short-term inflows may be tempered by seasonal factors and current market volatility.
“In our view, we are likely to see the proportion of investment adviser holdings continue to rise as more brokerages complete their due diligence on these funds,” the report said. “We may not immediately see large inflows of capital in the near term as attracting clients may prove more difficult during the summer when more people are on vacation, liquidity tends to be tighter and price action can be volatile.”.”
