A fresh look at 13F filings has offered one of the clearest breakdowns yet of who is actually holding spot Bitcoin ETFs — and the results show a major shift underway. 

Investment advisors, often seen as the "diamond hands" on the market, have now surged ahead as the top holders by a wide margin, with more than $10 billion in exposure and roughly 125,000 BTC. 

That puts them far ahead of hedge fund managers and brokerages, who hold about $6.9 billion and $2.1 billion, respectively.

Right now, these 13F filers make up about 20% of total Bitcoin ETF assets, but analysts think this number could go a lot higher, maybe even hitting 35-40% as more large financial institutions and warehouses start to join in. 

It is not just a temporary shift; it is a real change in how institutions are thinking about Bitcoin. They are being more cautious, thinking long-term, and preferring vehicles like ETFs that are ready to comply with regulations.

This is supported by a noticeable pickup in inflows. On June 3 alone, net inflows hit $378 million, pushing the total to $44.48 billion. BlackRock's IBIT is still on top, with $70 billion in assets, but Fidelity, Ark and Bitwise are also doing well. The broader market now holds $128 billion in Bitcoin ETF assets, which is over 6% of Bitcoin's total market cap.

After a rough spring, recent monthly and weekly flows suggest that things might be looking up. If that 40% projection comes to pass, it could be a huge step in Bitcoin's growth in the traditional finance world.