Bitwise CIO Matt Hougan posted on social media that Bitcoin ETFs are being adopted by institutional investors faster than any other ETF in history. Don't believe the story that only retail investors are participating. Since its launch in January, Bitcoin spot ETFs have attracted a net inflow of $17.50 billion. The previous record holder, Nasdaq 100 QQQ, also saw a net inflow of about $5 billion in just its first year. However, a common critic of Bitcoin is that these are all retail investors buying and there are no institutional buyers. According to the latest 13-F filing (Q2 2024), institutions hold only 21% of the current Bitcoin ETF asset management size. The other 79% is held by retail investors, which does sound bad. But according to a data provided by Bloomberg analyst Eric Balchunas, the 10 fastest-growing new ETFs in history (ranked by asset management size one month after listing) are far behind Bitcoin spot ETFs in terms of institutional adoption and institutional position data two quarters after listing. (Bitcoin ETFs are 1,100 institutions, most others are only double digits.) Bitcoin spot ETFs are leading both by number of institutions and by size of asset management. The reason for the so-called low institutional participation is that the retail adoption of Bitcoin ETFs is so large that the institutional adoption rate appears to be small in comparison.