PANews reported on April 17 that according to Cryptoslate, there are differences between family offices and professional investors in allocating spot Ethereum and Bitcoin ETPs, and family offices prefer Ethereum. According to Bitwise data as of December 31, 2024, the AUM of family offices and trusts allocated to spot Ethereum ETPs accounted for 0.62%, and spot Bitcoin ETPs accounted for only 0.13%. The allocation share of Ethereum is almost five times that of Bitcoin (not an absolute value).

In terms of institutional allocation, hedge funds account for 36.97% of Bitcoin ETPs, investment advisors account for 33.11%, and brokerage firms account for 14.91%. The total allocation of the three together with small contributors such as banks exceeds 85%. Ethereum ETP ownership is more evenly distributed, with brokerage firms, investment advisors, hedge funds accounting for 25.25%, 29.79%, and 24.74%, respectively, and the "other" category accounting for 16.96%. Banks and pension funds have moderate allocations to Bitcoin and Ethereum products, accounting for 1.27% and 1.02% of the AUM of the two in Bitcoin ETPs, and 0.62% and 0.90% in Ethereum ETPs, respectively. Private equity firms have limited participation, with allocations to Bitcoin and Ethereum, respectively, of 2.90% and 1.11%.

The largest holders of Bitcoin and Ethereum ETPs are also different. Millennium Management ranks first with $4.42 billion in Bitcoin ETP holdings, followed by Brevan Howard, Jane Street and Goldman Sachs. In the field of Ethereum, Goldman Sachs leads with $477 million, Jane Street with $450 million, and Millennium Management with $182 million. Institutions such as Jane Street, DE Shaw and Brevan Howard appear on both lists, showing their extensive participation in cryptocurrency ETPs.