Bitwise CIO Matt Hougan’s latest analysis of Q2 13-F filings reveals that institutional investors continue to accumulate Bitcoin ETFs despite an unstable second quarter for the cryptocurrency market.
The number of institutional holders of 10 Bitcoin spot ETFs rose to 1,924 in Q2, a 30% increase from 1,479 in Q1. This growth in participation suggests that Bitcoin is increasingly accepted as an asset class, even in the face of price volatility.
Hougan also highlighted the resilience of institutional investors, with 44% of institutions increasing their Bitcoin ETF holdings in Q2. This “diamond hands” approach suggests a long-term investment strategy rather than focusing on short-term gains.
Hedge funds are still the largest holders of Bitcoin ETFs, with mainstream hedge funds such as Millennium, Schonfeld, Boothbay, Capula among the largest holders.
But there are also plenty of advisors, family offices and select institutional investors. According to the CIO, asset managers and pension funds are expected to take an increasingly larger share over time.
*This is not investment advice.