Family agencies and professional investors point to Spot Ethereum (ETH) and Bitcoin (BTC) Exchange-Traded Products (ETPs) differently, whereby family agencies demonstrate a relatively strong preference for Ethereum.
According to Data collected Against Bitwise on December 31, 2024, family agencies and trusts attribute 0.62% of the Spot Ethereum ETP activa in management (AUM), compared to only 0.13% for spot Bitcoin ETPs.
This represents an almost five -time higher allocation share for Ethereum in this category of investors, although it does not translate into absolute values.
The difference emphasizes the diverse institutional forces between the two asset classes. While Bitcoin continues to dominate in total institutional AUM, including hedge funds and investment advisers, Ethereum has a greater relative profession under smaller, often more flexible allocers such as family offices.
The wider ETP market composition also reflects these contrasts in investors profiles and risky appetite.
Hedge funds, advisers and brokers
Hedge funds are good for the largest share of Bitcoin ETP AUM at 36.97%, closely followed by investment advisers with 33.11%. Brokers add another 14.91% and combine more than 85% of the total allocations when taking smaller contributors such as banks and pension funds.
Ethereum ETP -ownership, on the other hand, is evenly distributed between brokers (25.25%), investment advisers (29.79%) and hedge funds (24.74%), with a much larger “other” category that includes 16.96%of Etheum ETP AUM.
Banks and pension funds allocate modestly to both Bitcoin and Ethereum products. Bitcoin ETPs have 1.27% and 1.02% of their AUM from banks and pension funds respectively, while Ethereum ETPs receive 0.62% and 0.90%.
Private Equity companies show a similar limited involvement and assign 2.90% to Bitcoin and 1.11% to Ethereum.
Despite the relative tilt towards Ethereum between Family Offices, their total allocation remains a small part of the total institutional activity. Daring capital and insurance companies report negligible exposure to both ETP class.
Institutional holders vary between assets
The top holders also differ between Bitcoin and Ethereum ETPs. Millennium Management, with $ 4.42 billion in Bitcoin ETP Holdings, is the first in Bitcoin exposure, followed by Brevan Howard, Jane Street and Goldman Sachs.
In the Ethereum -Segment, Goldman Sachs leads with $ 477 million, followed by Jane Street for $ 450 million and millennium management at $ 182 million.
Some institutions, such as Jane Street, the Shaw and Brevan Howard, appear on both lists, which indicates broad involvement in Crypto ETPs.
Various companies, including Elequin, HBK Investments, SG Americas Securities and Almitas Capital, are, however, only represented under Ethereum ETP Top holders. Conversely, Capula management and horizon kinetics material have Bitcoin ETP positions, but do not appear with the best institutional owners of Ethereum.
This division suggests that although large asset managers and market makers are active in both markets, Ethereum attracts a more separate group of secondary institutions.
The breakdown confirms the constant absolute dominance of Bitcoin, but also reveals a more diversified and distributed investor base in the ETP market of Ethereum.
