According to a report by CoinDesk, transaction data suggests that the majority of demand for Bitcoin spot ETF 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 are clearly an important factor judging from the scale of trading.
According to Eric Balchunas’ data, the iShares Bitcoin Trust (IBIT), a Bitcoin spot ETF issued by asset management company BlackRock, has an average of 250,000 transactions per day, with an average transaction size of 326 shares (about $13,000). This data indicates that these transactions are likely conducted by non-professional investors.
BlackRock declined to comment on this, but an insider said that while BlackRock has seen purchasing interest from various types of clients, ranging from retail to institutional clients, most of the fund flows seem to be driven by retail investors.
In the stock market, large trades are usually split into smaller orders to improve processing efficiency, so an average transaction size of 326 shares does not necessarily mean that amateur investors with less capital are driving the trades. However, Balchunas stated that some issuers have confirmed to him that the demand is indeed driven by the retail investor group.
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