Spot Bitcoin ETFs have become powerful investment vehicles, accumulating 938,000 Bitcoin worth $63.3 billion in their first year of trading. That represents 4.5% of the total circulating Bitcoin supply, with broader crypto investment funds bringing the total to 1.1 million Bitcoin.

According to a report from Binance Research, the first gold ETF, which launched in 2005, raised a then-record $1.5 billion in its first year. In contrast, Bitcoin ETFs have already attracted more than $21 billion in inflows in just 10 months with unprecedented investor appetite.

Market leadership has been consolidated with three players: BlackRock’s IBIT, Grayscale’s GBTC and Fidelity’s FBTC, which together hold 84% of the ETF market. BlackRock’s offering has garnered the lion’s share of new investments and underscores the company’s leading position in this space.

What is most unexpected, however, is that retail investors are currently in the lead, accounting for 80% of the money invested in Bitcoin ETFs to date. However, institutional participation is increasing: well over 1,200 institutional investors are now on board, including well-known newcomers such as Goldman Sachs, Morgan Stanley and the State of Wisconsin Investment Board.

Meanwhile, this success story has not been proven for all cryptocurrency ETFs. Ethereum spot ETFs have struggled to gain traction, recording more than $103 million in outflows since launch, with negative outflows dominating eight of the 11 trading weeks.