PANews reported on April 17 that according to Cryptoslate, family offices and professional investors show differences in allocating spot Ethereum and Bitcoin ETPs, with family offices favoring Ethereum. Based on Bitwise data as of December 31, 2024, family offices and trusts have a 0.62% AUM in spot Ethereum ETPs, compared to only 0.13% in spot Bitcoin ETPs, with Ethereum allocation nearly five times that of Bitcoin (non-absolute value).
In institutional allocation, hedge funds account for 36.97% of Bitcoin ETPs, investment advisors 33.11%, and brokerage firms 14.91%, with these three plus small contributors like banks totaling over 85%. Ethereum ETP ownership is more evenly distributed, with brokerage firms, investment advisors, and hedge funds accounting for 25.25%, 29.79%, and 24.74% respectively, with the "other" category at 16.96%. Banks and pension funds have moderate allocations to Bitcoin and Ethereum products, with 1.27% and 1.02% AUM in Bitcoin ETPs, and 0.62% and 0.90% in Ethereum ETPs. Private equity firms have limited participation, with allocation ratios of 2.90% for Bitcoin and 1.11% for Ethereum.
The largest holders of Bitcoin and Ethereum ETPs also differ. Millennium Management leads with $4.42 billion in Bitcoin ETP holdings, followed by Brevan Howard, Jane Street, and Goldman Sachs. In the Ethereum space, Goldman Sachs leads with $477 million, Jane Street with $450 million, and Millennium Management with $182 million. Institutions like Jane Street, D.E. Shaw, and Brevan Howard appear on both lists, indicating their extensive participation in crypto ETPs.
