I discovered an article that dug up the average trade size for BlackRock's Bitcoin ETF. That's 326 shares or roughly 13k USD, according to one source. That suggests big investors are not yet involved.
Other participants in the Bitcoin ETF game, agree that the initial push was sustained mainly by retail investors.
This is an interesting discovery, as these ETFs are a perfect product that resolves many of the previous legal or accounting limitations some of these corporate firms had to enter crypto directly, as an investment.
So, if they are still waiting, what are they waiting for? For the first wave of retail to dwindle? That must be strange for them since they are used to making deals before retail gets to the table. More legal clarity on the base assets? Maybe, they are used to dealing with regulations. More derivative products based on spot ETFs? I'm sure they will appreciate them.
I'd like to think they prefer to invest directly, not through ETFs. But I doubt many are, at least in the countries where stricter laws are expected or already exist regarding crypto investments for businesses.
They can't be ignorant of the opportunity. Even after the pullback, Bitcoin's market cap is 10th in the top by all types of assets, including public companies, precious metals, cryptocurrencies, and ETFs.
It's above Warren Buffett's Berkshire Hathaway, and a little below Meta (was higher), with the next significant target being Silver, and I'm sure it'll go above Silver during this bull cycle. Who knows, maybe even above Amazon and Alphabet (Google) for a while.
We see some more FUD spread around to contribute to the halving pullback (suggestions Ethereum might be classified as a security, EU's new AML draft that bans non-KYC crypto transactions), but when we have news like the one I've shared in my latest weekly update of the largest pension fund in the world considering to buy Bitcoin, the longer term direction seems set in stone.