On-chain analytics firm Glassnode has revealed strong institutional demand for regulated Bitcoin exposure. Total assets under management in US spot ETFs are now worth $58 billion and hold about 4.6% of the Bitcoin supply in circulation. BlackRock, Fidelity and Grayscale are the largest spot Bitcoin ETFs in the US. If the price of bitcoin deposited into these ETFs is marked as a reference point for estimating their average acquisition cost, the cost benchmark of these ETFs is between $54,900 and $59,100.