In the last five trading days, spot bitcoin ETFs have seen net inflows of more than $2.1 billion, with BlackRock accounting for half of those sales.
13F filings, which offer quarterly reads on equity positions taken by large investors, show that 80% of the buyers of these new spot bitcoin products in the U.S. are direct investors. Of the 80% of direct investors, Cohen told CNBC that 75% had never before owned an iShare, one of the best-known and largest ETF providers on the planet."So we went into this journey with the expectation that we needed to educate ETF investors on crypto and on bitcoin specifically," said Cohen.
So far, adoption has mostly been through wealth management clients asking advisors to add new spot crypto products to their portfolio.to pitch bitcoin ETFs from BlackRock and Fidelity to clients with a net worth over $1.5 million. Other firms are still performing in-house due diligence before allowing their armies of FAs to start actively pitching the funds.