According to a report by CoinDesk, transaction data indicates that the majority of demand for Bitcoin spot ETFs comes from non-professional investors. Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, stated that there may be some investment advisors involved, but overall, retail investors seem to be a significant factor based on the scale of trading.
Based on Eric Balchunas’ data, the iShares Bitcoin Trust (IBIT), a Bitcoin spot ETF issued by asset management company BlackRock, has an average of 250,000 trades per day, with an average trade size of 326 shares (approximately $13,000). This data suggests that these trades may be conducted by non-professional investors.
BlackRock declined to comment on this, but an insider stated that while BlackRock has seen purchasing interest from various types of customers, ranging from retail to institutional clients, most of the fund flow seems to be driven by retail investors.
In the stock market, large trades are usually split into smaller orders to improve processing efficiency. Therefore, an average trade size of 326 shares does not necessarily indicate that amateur investors with less capital are driving the trading. However, Balchunas stated that some issuers have confirmed to him that the demand is being driven by retail investors.
