Institutional investment in Bitcoin (BTC) exchange-traded funds (ETFs) saw record highs in Q2 2025, climbing to approximately $33.6 billion.

A more detailed picture suggests that institutions added 57,375 BTC across tracked categories during the quarter, according to Bloomberg Intelligence data published on August 25. 

Advisors accounted for the majority of it, building $17.4 billion in ETF positions, nearly double that of the hedge funds, which witnessed a $9 billion exposure.

What is more striking, however, is that the same data reveals that virtually every investor category increased Bitcoin ETF holdings during the second quarter, illustrating the asset’s growing appeal as a digital hedge.

Everyone is buying Bitcoin ETFs

Investment advisors have become the biggest holders of spot Bitcoin ETFs, adding a total 37,156 BTC (worth north of $17.4 billion) to reach a collective 161,909 BTC in Q2. 

In fact, the numbers reported by advisors now surpass the combined ETF holdings of hedge funds, brokerages, and holding companies.

Still, brokerage firms saw the second-largest allocation with 13,911 BTC (around $4.3 billion), followed by banks with 2,476 BTC (approximately $655 million).

Pension funds were the only exception to the trend, maintaining their $10.7 million in positions and seeing no fresh inflows. 

While the figures are impressive, ETF analyst at Bloomberg James Seyffart emphasized that institutional holdings disclosed via 13F filings account for only about one quarter of total Bitcoin ETF shares: the rest is owned by non-filers, who are largely retail investors.

“This data is mostly 13F data. It only accounts for about 25% of the the [sic] Bitcoin ETF shares. The other 75% are owned by non-filers which is largely going to be retail.”

In other words, while institutional appetite is remarkable, retail investors are still the main driving force behind ETF inflows.

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