Q2 Wall Street Institutional Crypto Holdings: ETH Exposure Outpaced BTC
- Q2 13F filings showed reported institutional Bitcoin holdings rising about 7.5% quarter over quarter to roughly 536,000 coins, even though Bitcoin fell about 14.2% during the quarter.
- Total holdings in U.S. spot Bitcoin ETFs fell from about 1.297 million coins to about 1.211 million coins, and the number of institutions reporting Bitcoin holdings dropped from about 2,000 to about 1,900.
- U.S. spot Bitcoin ETFs recorded net redemptions in Q2, with about $2.4 billion of outflows in May and $4.5 billion in June; Ethereum spot ETFs also posted about $714 million in net outflows for the quarter.
- Bank filings showed Ethereum exposure growing faster than Bitcoin exposure, including at Morgan Stanley and JPMorgan, while several ETH-linked ETF positions expanded sharply.
- The report says 13F data only shows quarter-end spot long positions, and options activity and crypto-stock holdings showed mixed institutional positioning across firms.
The report says Q2 13F filings showed Wall Street institutions increasing reported Bitcoin holdings even as BTC prices fell. Institutional Bitcoin holdings rose to about 536,000 coins from roughly 498,000 coins in the prior quarter, while total spot Bitcoin ETF holdings and the number of institutions reporting BTC positions both declined.
The article also finds that Ethereum exposure grew faster than Bitcoin exposure at several large banks, including Morgan Stanley and JPMorgan. Morgan Stanley and JPMorgan both increased ETH exposure by more than they increased BTC exposure, but U.S. spot Ethereum ETFs still saw net outflows over the quarter. On the market side, that is a mixed signal: relatively supportive for ETH versus BTC, but still negative for ETF fund flows overall.
The report cautions that 13F data only captures quarter-end spot long positions, so options can materially change the picture. Jane Street rebuilt its IBIT position, while Brevan Howard, Graham Capital, and Millennium reduced spot exposure and used options hedges. Crypto-related stocks also showed split institutional demand, with some firms adding to Strategy and others cutting back.
华尔街机构Q2加密持仓：ETH敞口整体跑赢BTC
报道称，Q2 13F文件显示，尽管比特币价格下跌，华尔街机构披露的比特币持仓仍在增加。机构比特币持仓从上一季度的约49.8万枚升至约53.6万枚，但现货比特币ETF总持仓和申报比特币头寸的机构数量都在下降。
文章还指出，几家大型银行的以太坊敞口增幅快于比特币敞口，包括摩根士丹利和摩根大通。两家银行对ETH的增持幅度都明显高于BTC，但美国现货以太坊ETF在整个季度仍录得净流出。对市场而言，这一信号对ETH相对BTC偏中性略偏利好，但对ETF资金流整体仍偏利空。
报道同时提醒，13F只反映季度末的现货多头仓位，期权头寸会改变整体图景。Jane Street重新增持IBIT，而Brevan Howard、Graham Capital和Millennium则减少现货敞口并通过期权对冲。加密相关股票的机构持仓也出现分化，一些机构增持Strategy，另一些则减持。