Bloomberg Intelligence's latest data shows that investment advisors are the largest traceable group purchasing Bitcoin and Ethereum exchange-traded funds (ETFs) aside from retail investors.
Bloomberg ETF analyst James Seyffart stated on the X platform on Wednesday that investment advisors "dominate known holders," with investments in Ethereum ETFs exceeding $1.3 billion in the second quarter, totaling 539,000 Ethereum (ETH), a 68% increase from the previous quarter.
The trend is similar for U.S. spot Bitcoin ETFs. Seyffart mentioned on Monday that "advisors are now the largest holders," with Bitcoin ETF holdings exceeding $17 billion, holding 161,000 Bitcoin (BTC).
For both Bitcoin and Ethereum ETFs, the holdings of investment advisors are nearly double that of hedge fund managers.
However, Seyffart pointed out that this data is based on filings submitted to the U.S. Securities and Exchange Commission (SEC) and only reflects a portion of all spot Bitcoin ETF holders.
He added that this data primarily comes from 13F reports, which account for about 25% of Bitcoin ETF shares. The remaining 75% is held by unreported holders, mainly retail investors.
Vincent Liu, Chief Investment Officer of Kronos Research, stated that this data indicates the market is shifting from speculative capital to long-term, portfolio-driven allocations.
"As the largest holders, their strategic positioning provides deeper liquidity and a solid foundation for cryptocurrency to integrate into the global market," he told Cointelegraph.
Liu noted that as more advisors adopt Bitcoin and Ethereum ETFs, cryptocurrencies will become a long-term diversification tool within traditional portfolios, further complementing mainstream assets like stocks and bonds.
Some analysts believe that as regulations solidify, the number of financial advisors participating in crypto ETFs could surge. In July, Fox Business Channel predicted that financial advisors could bring trillions of dollars in inflows to the market.
Pav Hundal, Chief Market Analyst at Australian crypto broker Swyftx, revealed to Cointelegraph that since June, investment advisors' holdings in Bitcoin ETFs have grown by about 70%, primarily driven by a more favorable U.S. regulatory environment and a surge in demand for risk assets.
He stated that the current market is still in the early stages of growth. Any investment that begins to gain momentum has two types of participants: early entrants and latecomers motivated by fear of missing out.
Meanwhile, Kadan Stadelmann, Chief Technology Officer of blockchain platform Komodo, pointed out to Cointelegraph that this data clearly shows that ordinary investors are entering the crypto market through financial advisors via "Wall Street."
"The Ethereum ETF is replicating the success of the Bitcoin ETF, but on a smaller scale, marking the market's transition from early adoption to institutional adoption. Current market participants include not only small Wall Street firms but also large financial institutions like BlackRock and Fidelity," he added.
However, Stadelmann believes that in the long run, "regulatory realities" will play a key role in the growth of financial advisors' participation in the crypto market.
The U.S. Securities and Exchange Commission launched a "crypto project" in July to promote blockchain innovation; in the same month, the U.S. House of Representatives passed the GENIUS Act, which was signed into law by President Trump, providing regulatory clarity long sought by the crypto industry.
Stadelmann stated that in downtown Manhattan, cryptocurrencies are increasingly viewed as an equity rather than a revolution, and these giants' actions are merely being followed by financial advisors, as they now have confidence in regulatory clarity.
He also noted that if the next election results in an unfriendly government towards cryptocurrencies, the institutional market could be affected.
"Policies regarding cryptocurrencies may include tightening regulations, which could lead to a stagnation in the institutional market and cause financial advisors to worry about losing their licenses for offering related products," he said.
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