According to Cryptoslate, there are differences in the allocation of spot Ethereum and Bitcoin ETP between family offices and professional investors, with family offices preferring Ethereum. According to data from Bitwise as of December 31, 2024, the AUM proportion of family offices and trust configurations for spot Ethereum ETP is 0.62%, while spot Bitcoin ETP is only 0.13%. The Ethereum allocation share is almost five times that of Bitcoin (non absolute value).
In terms of institutional allocation, hedge funds account for 36.97% of Bitcoin's ETP, investment advisors account for 33.11%, brokerage firms account for 14.91%, and the total allocation of the three plus small contributors such as banks exceeds 85%. The ownership distribution of Ethereum ETP is more balanced, with brokerage firms, investment advisors, and hedge funds accounting for 25.25%, 29.79%, and 24.74% respectively, and the "other" category accounting for 16.96%. Banks and pension funds have moderate product allocation compared to Bitcoin and Ethereum, with AUM ratios of 1.27% and 1.02% in Bitcoin ETP and 0.62% and 0.90% in Ethereum ETP, respectively. Private equity firms have limited participation, with allocation ratios of 2.90% and 1.11% for Bitcoin and Ethereum, respectively.
The largest holders of Bitcoin and Ethereum ETP are also different. Millennium Management leads with $4.42 billion in Bitcoin ETP holdings, followed by Brevan Howard, Jane Street, and Goldman Sachs. In the Ethereum field, Goldman Sachs leads with $477 million, Jane Street with $450 million, and Millennium Management with $182 million. Institutions such as Jane Street, D.E. Shaw, and Brevan Howard appeared on both lists, indicating their extensive involvement in cryptocurrency ETP.
