As the first-quarter 13F filings stopped trickling in this past week, the market had a comprehensive picture of some of the major players that had purchased spot bitcoin ETFs and exactly how much they were holding onto at the conclusion of the three-month period ending in March. 

13F filings are quarterly reports from institutional investment managers with at least $100 million in equity assets under management. The filings detail the institutions' holdings.

What now seems apparent is that not only did a mixed bag of investors buy the newly-launched spot bitcoin ETFs issued by financial giants like Grayscale, BlackRock and Fidelity, most of the trading volume during the first quarter appears to have been fueled by short-term trades amid superior liquidity.

“At the end of the day, …