Despite Muted Bitcoin Performance, Q2 Filings Paint Bullish Picture for BTC Price

Bitwise Chief Investment Officer (CIO) Matt Hougan has shared a recap of the three most interesting takeaways from the Q2 filings via X.

The 13-F filings for the spot exchange-traded funds (ETFs) have offered some interesting insights into the institutional interest in Bitcoin. Summarizing the key takeaways from Q2 filings, Bitwise Chief Investment Officer (CIO) Matt Hougan shared his observations via X.

Institutions Increasingly Embracing Bitcoin ETFs

Throughout the second quarter of the year, there was a noticeable increase in institutional engagement with Bitcoin ETFs.

“I count 1,924 holder>ETF pairs across all 10 ETFs, up from 1,479 in Q1. That’s a 30% increase; not bad considering prices fell in Q2,” noted Hougan.

This data suggests that institutional investors are viewing Bitcoin as a viable asset class, even as prices decline. This indicates a long-term commitment rather than speculative short-term plays.

Institutions Displaying HODLer Mentality

An analysis of the holding patterns within these filings reveals that a substantial portion of institutional investors remained committed to their Bitcoin ETF holdings, reflecting a resilient stance against the market’s volatility.

“Among Q1 filers, 44% increased their position in bitcoin ETFs in Q2, 22% held steady, 21% decreased their position, and 13% exited,” said Hougan.

These figures are particularly telling because they demonstrate that more than two-thirds of the institutions either 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 pressure or market downturns.

Institutions, Including State Of Wisconsin, Participate In Bitcoin ETFs

Hougan's analysis also highlights the diverse array of investors participating in Bitcoin ETFs. Among the top holders are major hedge funds like Millennium, Schonfeld, Boothbay, and Capula. 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 attract 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,” Hougan remarked.

Yesterday it became public that the Wisconsin Pension Fund has increased its Bitcoin ETF holdings. In an SEC filing, the State of Wisconsin Investment Board reported owning 2,898,051 shares of the iShares Bitcoin Trust as of June 30 (worth $98.9 million as of that date). This is an increase from the 2,450,400 shares Wisconsin had previously reported in May.

At press time, BTC traded at $58,035.

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