Around 66% of institutional investors held or increased their Bitcoin holdings via United States-based spot exchange-traded funds during the second quarter, according to Bitwise.
According to 13F filings with the Securities and Exchange Commission, 44% of asset managers increased their Bitcoin (BTC) ETF positions in the second quarter, while 22% held steady.
Only 21% decreased their positions, and 13% exited, which is “a pretty good result, on par with other ETFs,” commented Bitwise chief investment officer Matt Hougan in a post on X on Aug. 15.
The SEC Form 13F is a quarterly report that is required to be filed by all institutional investment managers with at least $100 million in assets under management.
The second quarter of 2024 was bullish for spot Bitcoin ETFs despite the asset value declining by 14.5% over the three-month period. Hougan added:
“Institutional investors continued to adopt Bitcoin ETFs in Q2. The trend is intact.”
Hougan observed that there were 1,924 holder/ETF pairs across all ten funds, up from 1,479 in Q1. “That’s a 30% increase; not bad considering prices fell in Q2,” he noted.
He also said that institutional investors were mostly “diamond hands” not panic selling as retail does when volatility increases.
“If you thought institutional investors would panic at the first sign of volatility, the data suggest otherwise. They’re pretty steady.”
Hougan noted that hedge funds, such as Millennium, Schonfeld, Boothbay, and Capula, were “big players” in terms of top ETF holders. However, there are a large number of advisers, family offices, and select institutional investors, too, he said before concluding:
“ETFs are a big tent that attracts a wide variety of investors. It’s kind of great to see Millennium nestled up against the State of Wisconsin in these ETF filings. Over time, I’d like to see wealth managers and pensions account for a growing share.”
Related: Morgan Stanley discloses $188M in BlackRock Bitcoin ETF holdings
In a 13F filing on Aug. 14, investment bank Morgan Stanley reported owning 5,500,626 shares of BlackRock’s iShares Bitcoin Trust as of June 30, valued at $188 million at the time. This position makes Morgan Stanley a top-five fundholder.
Investment giant Goldman Sachs also reported exposure to more than $238 million in shares of IBIT and other spot Bitcoin ETFs.
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