Q2 Wall Street institutional crypto holdings: most institutions increased positions against the trend, ETH exposure comprehensively outperformed BTC
- By the Q2 13F filing deadline, reported institutional Bitcoin holdings rose to about 536,000 coins from roughly 498,000, a quarterly increase of 7.5%, even as Bitcoin fell about 14.2% in the period.
- Total reported Bitcoin ETF holdings fell to about 1.211 million coins from about 1.297 million, while U.S. spot Bitcoin ETFs recorded net redemptions during the quarter.
- Banks increased Ethereum exposure faster than Bitcoin exposure, with Morgan Stanley and JPMorgan both showing much larger percentage growth in ETH than BTC positions.
- Jane Street reversed part of its previous reduction and added back about 24.9 million IBIT shares, while several hedge funds reduced spot positions but held offsetting options positions.
- Institutional holdings continued to concentrate in a smaller number of large holders, and crypto-related stocks such as Strategy and Circle also saw mixed institutional flows.
U.S. institutional investors’ second-quarter 13F filings showed a clear disconnect between reported holdings and market prices. Bitcoin fell about 14.2% over the period, but aggregated institutional Bitcoin holdings rose to about 536,000 coins from roughly 498,000 coins. At the same time, total reported Bitcoin ETF holdings declined, indicating that the headline increase was not broad-based across all ETF vehicles.
The filing data also showed that Ethereum exposure grew faster than Bitcoin exposure at several major banks. Morgan Stanley and JPMorgan both increased their ETH positions by a wider margin than their BTC positions, which suggests that institutional allocation interest shifted relatively more toward ETH in the quarter. That said, overall spot Ethereum ETF flows were still negative in Q2, so the broader ETF picture remained weak despite the bank-level increases.
Among individual institutions, Jane Street stood out for reversing part of its prior reduction in IBIT, while hedge funds such as Brevan Howard, Graham Capital, and Millennium reduced spot positions and used options to shape exposure. Because 13F filings capture only quarter-end long positions and not the full trading context, these changes do not necessarily indicate straightforward directional bets. The near-term market read is mixed to mildly positive for crypto sentiment, but neutral overall because ETF outflows and concentrated positioning still point to uneven demand.
二季度华尔街机构加密持仓：多数机构逆势增仓，ETH敞口整体跑赢BTC
美国机构投资者二季度13F披露显示，持仓变化与价格走势明显背离。比特币在此期间下跌约14.2%，但机构披露的比特币总持仓反而升至约53.6万枚，高于上一季度约49.8万枚。与此同时，披露的比特币ETF总持仓下降，说明这一增长并非所有ETF渠道同步扩散。
数据还显示，部分大型银行对以太坊的敞口增长快于比特币。摩根士丹利和摩根大通的ETH持仓增幅都明显高于BTC，表明机构资金在二季度相对更偏向ETH。尽管如此，现货以太坊ETF在二季度整体仍是净流出，说明ETF层面的整体需求并不强。
个股和机构层面上，Jane Street回补了此前削减的IBIT仓位，而Brevan Howard、Graham Capital和Millennium等对冲基金则减少了现货头寸，并通过期权调整敞口。由于13F只反映季度末的多头持仓，不能完整呈现交易过程，这些变化不宜直接解读为单向押注。就市场影响看，这对加密资产情绪偏中性略偏正面，但ETF净流出和持仓集中度上升也提示需求并不均衡。