Institutional Investors Showed Resilience to Bitcoin Price Swings in Q2, Maintained or Increased Holdings: Bitwise

In the second quarter of 2024, about 66% of institutional investors either maintained or increased their Bitcoin holdings through U.S.-based spot exchange-traded funds, according to Bitwise.

A 13F filing is a quarterly report that institutional investment managers with at least $100 million in assets are required to file with the U.S. Securities and Exchange Commission (SEC). The report discloses the manager's equity holdings at the end of each quarter.

Section 13(f) of the Securities Exchange Act of 1934 mandates the filing of Form 13F. The SEC uses 13F filings to keep an eye on the holdings of institutional investors and spot any changes in the market.

The holdings of exchange-traded funds (ETFs) are also disclosed in 13F filings. A type of security that tracks a basket of assets like stocks, bonds, commodities, or a specific market index is an ETF. Throughout the second quarter of 2024, institutional investors either maintained or increased their Bitcoin holdings through U.S.-based spot exchange-traded funds (ETFs), with an average of around 66% of such holdings being maintained or increased.

This is evident from the 13F filings with the SEC, which reveal that 44% of asset managers increased their Bitcoin ETF positions during this period, while 22% maintained their holdings unchanged. Only 21% reduced their positions, and 13% exited altogether.

On August 15, Bitwise CIO Matt Hougan commented on this outcome, stating that it is “pretty solid and on par with other ETFs.” He also highlighted the strong institutional interest in Bitcoin ETFs, despite the overall market downturn.

According to Hougan, this interest is evident from the fact that there are now 1,924 holder/ETF pairs across all 10 funds, up 30% from Q1. He adds, “That’s a significant increase despite the price decline.”

Hougan further notes that institutional investors seem to be panic selling during periods of volatility, unlike some retail investors. He points out that if one expected institutions to panic at the first sign of volatility, the data shows that they are actually quite steady.

Finally, he mentions that major hedge funds like Schonfeld, Boothbay, and Capula are significant ETF holders. However, there are also many advisers, family offices, and other institutional investors.

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