David Edwards
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.
13F filings with the SEC reveal that 44% of asset managers upped their Bitcoin ETF positions during this period, while 22% kept their holdings unchanged. Only 21% reduced their positions, and 13% exited altogether. Bitwise CIO Matt Hougan remarked on X on August 15 that this outcome is “pretty solid and on par with other ETFs.”
The SEC Form 13F is a quarterly report that institutional investment managers with at least $100 million in assets are required to file.
Despite a 14.5% drop in Bitcoin’s value over the quarter, the second quarter was still positive for spot Bitcoin ETFs. Hougan noted that institutional interest remained strong, with 1,924 holder/ETF pairs across all 10 funds, up 30% from Q1. He commented, “That’s a significant increase despite the price decline.”
Hougan also pointed out that institutional investors largely avoided panic selling during periods of volatility, unlike some retail investors. “If you expected institutions to panic at the first sign of volatility, the data shows they’re actually quite steady.”
He highlighted that major hedge funds like Millennium, Schonfeld, Boothbay, and Capula were significant ETF holders. However, there are also many advisers, family offices, and other institutional investors involved.
