The debut of US Bitcoin ETFs has heralded a seismic shift in the crypto investment landscape, with spot Bitcoin ETFs quickly emerging as the preferred choice for institutional investors. Despite Grayscale Bitcoin Trust (GBTC) maintaining the largest Bitcoin reserves, BlackRock's iShares Bitcoin Trust (IBIT) has emerged as the top pick among institutions worldwide.

Since their launch, spot Bitcoin ETFs have amassed a staggering reserve of 827,321 BTC. Despite GBTC witnessing significant outflows, it still leads the pack with 291,815 BTC, albeit reduced by 50% since its inception. Following closely behind is BlackRock's IBIT, boasting 274,320 BTC reserves.

Among other prominent spot Bitcoin ETFs, the Fidelity Wise Bitcoin ETF holds 152,880 BTC, while the Ark 21Shares ETF (ARKB) and Bitwise Bitcoin ETF (BITB) have accumulated 43,470 BTC and 33,942 BTC, respectively. The VanEck Bitcoin Trust (HODL) holds reserves equivalent to $9,305 BTC.

In contrast, the Valkyrie BTC ETF (BRRR) has seen inflows of 8,105 BTC, with the Invesco Galaxy Bitcoin ETF securing a reserve of 6,633 BTC. Notably, Franklin Templeton's EZBC has garnered 6,003 BTC since its launch, while WisdomTree and Hashdex Bitcoin ETFs hold 1,120 BTC and 178 BTC, respectively.

Despite GBTC's dominance, institutions are flocking to BlackRock's IBIT, with 168 asset managers worldwide investing in the fund. Hong Kong-based Yong Rong Asset Management Ltd leads the pack with a stake worth $40.51 million, followed by Ovata Capital Management Ltd with holdings valued at $9.7 million. The popularity of IBIT extends beyond US borders, with Swiss asset managers Lombard Odier Darier Henstsch and Belle Capital A.G. investing $1.57 million and $1.03 million, respectively.

Leading financial institutions are also seeking exposure to spot Bitcoin ETFs, with BNY Mellon and BNP Paribas investing in offerings from BlackRock and Grayscale. Despite this institutional shift, Grayscale ETF GBTC experienced a net outflow of $28.613 million on May 7, highlighting the dynamic nature of the crypto investment landscape.

As spot Bitcoin ETFs continue to gain traction, their impact on institutional investment strategies and the broader crypto market remains a topic of keen interest and scrutiny.