PANews reported on December 28 that according to Cointelegraph, the net inflow of US spot Bitcoin ETFs in 2024 reached 35.66 billion US dollars. A report by Binance on October 25 found that nearly 80% of the demand for spot Bitcoin ETFs came from retail investors, not institutions. However, industry analysts such as Bitwise Chief Investment Officer Matt Hougan expect more institutional participation in 2025.