17-4-2025 – A comprehensive analysis of institutional cryptocurrency investments has unveiled intriguing disparities in how different entities approach Bitcoin and Ethereum exchange-traded products (ETPs), with family offices displaying a marked preference for Ethereum exposure.
According to year-end data from Bitwise, family offices and trusts have positioned themselves with a notably bullish stance on Ethereum, allocating nearly quintuple the percentage of assets under management (AUM) to Ethereum ETPs compared to their Bitcoin counterparts – 0.62% versus 0.13%.
The landscape of Bitcoin ETP ownership reveals a concentrated distribution, with hedge funds commanding the lion’s share at approximately 37%. Investment advisors follow closely, controlling roughly a third of holdings, whilst brokerage firms maintain a significant 15% stake.
In contrast, Ethereum ETP ownership presents a more evenly distributed picture. Brokerage houses, investment advisors, and hedge funds each command approximately a quarter of the market, with a substantial 17% held by miscellaneous investors.
Traditional financial institutions maintain a cautious approach, with banks and pension funds each holding modest positions in both cryptocurrencies. Private equity’s involvement remains particularly conservative, with Bitcoin allocations at 2.90% and Ethereum at just 1.11%.
In terms of absolute holdings, American investment giant Millennium Management dominates the Bitcoin ETP space with $4.42 billion invested. However, the Ethereum landscape tells a different story, with Goldman Sachs leading the charge at $477 million, followed closely by Jane Street’s $450 million position.
Notably, several prominent firms, including Jane Street and Brevan Howard, maintain significant positions across both cryptocurrency products, suggesting a sophisticated approach to digital asset exposure within their investment strategies.
