K33 Research's latest report pointed out that institutional investors purchased a total of 859,454 bitcoins in 2024, accounting for about 4.3% of the total circulating supply, equivalent to the issuance of bitcoin in 8 years.
Among them, spot ETF funds have accumulated 561,781 bitcoins, and the total management scale of US ETFs has reached 1.4 million bitcoins. Among them, BlackRock's IBIT holds the largest amount, reaching 542,653, worth about US$54 billion.
For listed companies, a total of 297,673 bitcoins were added in 2024, of which MicroStrategy purchased nearly 250,000 bitcoins through an active financing strategy, and currently holds 439,000 bitcoins.
The report pointed out that although about 230,000 bitcoins this year came from bankruptcy liquidation and seized assets (including Mt. Gox and the German government), institutional demand effectively absorbed the selling pressure. Currently, approximately 22% of the circulating supply is tradable in the market, close to the 2021 high level.