On August 18, Bitwise CIO Matt Hougan posted on social media that after reviewing the 13-F documents submitted by various institutions a few days ago, he made some preliminary summaries based on the holdings of Bitcoin ETFs in the second quarter, including: · Institutions are still increasing their holdings, and the trend is still there: In Q2, there were a total of 1,924 institutional holders of 10 Bitcoin spot ETFs, higher than 1,479 in Q1, an increase of about 30%. Considering that Bitcoin fell in Q2, this result is already very good. · Most institutional investors are diamond hands: Most institutional investors who made allocations in Q1 held or purchased more positions in Q2. Among the Q1 filers, 44% of institutions increased their holdings of Bitcoin ETFs in Q2, 22% of institutions remained unchanged, 21% of institutions reduced their positions, and 13% of institutions liquidated and exited. · Hedge funds are still large holders: Most of the top holders of ETFs are mainstream hedge funds, including Millennium, Schonfeld, Boothbay, Capula, etc. But there are also a large number of advisors, family offices and select institutional investors. Expect to see wealth managers and pensions take a larger and larger share over time.