Despite bitcoin's subdued performance over the past few months, 13-F filings for spot exchange-traded funds (ETFs) paint a bullish picture for btc's price. Bitwise Chief Investment Officer (CIO) Matt Hougan has x.com/Matt_Hougan/status/1823862825577844953″ target=”_blank” rel=”nofollow”>shared A summary of the three most interesting takeaways from Q2 filings via x. Their findings underscore a growing and sustained institutional interest in bitcoin, which points to a bullish outlook.
#1 Increased institutional adoption of bitcoin
Hougan highlights an impressive increase in institutional involvement with bitcoin ETFs during the second quarter of the year. He reported: “I count 1,924 ETF holding pairs across the 10 ETFs, up from 1,479 in Q1. That’s a 30% increase – not bad considering prices fell in Q2.” This data suggests that institutional investors are increasingly viewing bitcoin as a viable asset class, even amid price declines, indicating a long-term commitment rather than short-term speculative plays.
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Hougan concludes: “Of course, this doesn’t mean that 1,924 institutions own bitcoin ETFs; some investors report positions in multiple ETFs. But that “double counting” aspect is equally true for the Q1 and Q2 numbers, so the percentage increase is still telling. My conclusion: institutional investors continued to embrace bitcoin ETFs in Q2. The trend remains intact.”
#2 Institutional investors are HODLers
The holding patterns in these filings reveal that a substantial portion of institutional investors remained committed to their bitcoin ETF holdings, reflecting a resilient stance in the face of market volatility. “Among those who filed in Q1, 44% increased their bitcoin ETF position in Q2, 22% held steady, 21% decreased their position, and 13% exited,” Hougan said.
These figures are particularly revealing because they show that more than two-thirds of institutions maintained or increased their exposure to bitcoin ETFs during a period of significant price fluctuations. Hougan interprets this data as a sign that institutional investors possess “diamond hands,” a colloquial term used within the community to describe holders who do not sell their holdings despite market pressure or declines.
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Hougan added: “If you thought institutional investors would panic at the first sign of volatility, the data suggests otherwise. They are quite stable.”
#3 Broad investor base
Hougan’s analysis also highlights the diversity of investors involved in bitcoin ETFs. Major hedge funds such as Millennium, Schonfeld, Boothbay and Capula stand out among the top holders. However, the presence of advisors, family offices and other institutional investors such as the state of Wisconsin is particularly notable.
“ETFs are a big tent that appeals to a wide variety of investors. It's great to see Millennium joining the state of Wisconsin in these ETF filings. Over time, I'd like to see wealth managers and pensions make up a growing share,” Hougan said.
Yesterday was x.com/MacroScope17/status/1823742878046195865″ target=”_blank” rel=”nofollow”>become Wisconsin’s Pension Fund has increased its bitcoin ETF holdings. In an SEC filing, the Wisconsin State Investment Board reported that it owned 2,898,051 shares of the iShares bitcoin Trust as of June 30 (worth $98.9 million as of that date). This is up from the 2,450,400 shares Wisconsin had previously reported in May.
At the time of writing, btc was trading at $58,035.
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