A few months ago, I asked Stackers if Bitcoin is their one and only. Seems that there are two camps. One group typically possesses Bitcoin and retirement funds, whereas the other group goes all in on Bitcoin.
Around the same time, 11 spot BTC ETFs were launched. According to a study from Apollo, they’ve taken in approximately net 220k BTC ($14B). As of April 2023, the largest inflows have gone to Blackrock (IBIT) and Fidelity (FBTC), with 274k BTC and 155k BTC respectively. Blackrock now owns more Bitcoin than MicroStrategy. Who would have thought it possible just a year ago?
So, suffice it to say that the demand for spot BTC ETFs is robust and many people have taken the opportunity to buy one or more of these ETFs.
Would you consider individuals who just invest in the spot BTC ETFs as members of your tribe? Or you would think that they have wasted their opportunity to own some actual Bitcoin? How about people who buy both Bitcoin and spot ETFs?