I just reviewed Ark Invest's quarterly report and there's something interesting: the spot Bitcoin ETFs in the United States remain quite stable. We're talking about holdings that ranged between 1.26 and 1.31 million BTC during the first quarter, and by the end of March, they reached 1.29 million.

What catches my attention is that this happened while Bitcoin dropped up to 23% in its maximum drawdown. Normally, when you see such sharp declines, institutional investors start to sell, but that didn't happen here. The positions in these crypto ETFs hardly moved.

This says a lot about institutional investors' confidence at this moment. They are not capitulating to the volatility. Those who bet on these cryptocurrency ETFs remain firm in their positions, which suggests they see this as an opportunity or simply have a long-term outlook. It's interesting to see how the crypto ETF continues to be a preferred investment vehicle for institutions, even in turbulent times.