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Investment Advisers Become Top Holders of Spot Bitcoin ETFs, Ether ETF Demand Rises
13F filings show investment advisers dominate institutional crypto ETF exposure, with growing interest in ether alongside Bitcoin.
Updated Jun 5, 2025, 3:16 p.m. Published Jun 5, 2025, 10:24 a.m.
What to know:
- Investment advisers now hold over $10.28B in spot bitcoin ETFs nearly half of total institutional assets suggesting accelerating mainstream adoption.
- Ether ETF exposure tops $1B, with advisers and hedge funds leading allocations, highlighting a widening institutional appetite beyond bitcoin.
There is a strong institutional presence in U.S. spot crypto exchange-traded funds (ETFs), with investment advisers taking a commanding lead, according to the recent SEC filings.
Investment advisers now hold over $10.28 billion in spot bitcoin ETF assets, representing 124,753 BTC. Investment advisers hold nearly half of the total crypto assets declared by the various funds. Hedge fund managers are second, holding $6.9 billion worth of BTC ETF, or nearly 83,934 BTC, followed by brokerages and holding companies.
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These figures, highlighted by Bloomberg ETF analyst Eric Balchunas, underscore how advisers have surged to the top "number one by a mile."
Balchunas estimates that 13F filers currently make up about 20% of total spot Bitcoin ETF assets, a number likely to grow to 35%–40% as traditional finance embraces the product.
There is a similar trend with ether . Advisers lead with $582 million in exposure, representing 320,089 ETH, while hedge funds hold $244 million, or 134,469 ETH, according to Bloomberg ETF analyst James Seyffart.
The total institutional ETH ETF exposure now stands at over $1.06 billion, or 587,348 ETH. Though smaller than bitcoin’s footprint, it signals rising interest in diversified crypto exposure.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Asia Morning Briefing: Data shows legacy media took a more balanced view of bitcoin in 2025
Media attention shifted from bitcoin’s environmental footprint to crime and kidnapping in 2025, while overall sentiment remained broadly neutral, according to crypto intelligence platform Perception.
What to know:
- In 2025, mainstream media coverage of Bitcoin became more balanced, with neutral reporting surpassing negative stories.
- The shift in narrative was driven by the exhaustion of earlier critiques rather than increased enthusiasm for Bitcoin.
- AI emerged as the dominant topic in media, overshadowing Bitcoin and driving more significant sentiment swings.
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