Bitcoin ETFs’ Hot Start Seems Largely Driven by Retail Investors

“I would say, broadly, it’s a lot of retail,” said Kyle DaCruz, director of digital assets products at VanEck. But there’s a lack of transparency into who invests in ETFs in the early days of launch as many of the trades are executed by authorized participants, market makers and brokers, who all invest on behalf of an entity, he added.