Q2 Wall Street institutional crypto holdings: most institutions increased positions against the trend, ETH exposure comprehensively outperformed BTC
- The SEC filing deadline on August 14 brought renewed attention to Wall Street's second-quarter 13F crypto disclosures.
- Based on 13F data, reported institutional Bitcoin holdings rose about 7.5% quarter over quarter, from roughly 498,000 coins to 536,000 coins, even as Bitcoin's price fell about 14.2%.
- Total ETF Bitcoin holdings fell from about 1.297 million coins to 1.211 million coins, while U.S. spot Bitcoin ETFs saw continued net redemptions in Q2.
- Bank-level disclosures showed Ethereum exposure growing faster than Bitcoin at several firms, including Morgan Stanley and JPMorgan.
- Jane Street reversed part of its previous reduction and rebuilt a large IBIT position, while some hedge funds reduced spot holdings and used options to hedge or express different views.
Second-quarter 13F filings showed a sharp divergence between crypto prices and institutional positioning. Bitcoin fell about 14.2% in the period, but reported institutional Bitcoin holdings still rose from roughly 498,000 coins to 536,000 coins, a quarter-over-quarter increase of about 7.5%. At the same time, total ETF Bitcoin holdings declined, and U.S. spot Bitcoin ETFs recorded continued net redemptions during the quarter.
The disclosures also suggested that Ethereum exposure was expanding faster than Bitcoin exposure at several large banks. Morgan Stanley's Bitcoin exposure rose 3.7% quarter over quarter, while its Ethereum exposure rose 18.6%. JPMorgan's Bitcoin exposure rose 12.2%, while its Ethereum exposure rose 67.3%. However, aggregate Ethereum spot ETF flows were still negative in Q2, with net outflows of about $714 million.
Trading and hedge-fund positioning were more mixed. Jane Street added back a large amount of IBIT after cutting it sharply in the prior quarter, but several funds reduced spot Bitcoin ETF holdings and used options to hedge or reshape exposure. The overall read-through is mixed for markets: the data is mildly supportive for crypto-related stocks and ETH-linked products, but the ETF outflows and concentration at the top point to uneven institutional demand rather than broad-based accumulation.
Q2华尔街机构加密持仓：多数机构逆势增仓，ETH敞口全面跑赢BTC
二季度13F披露显示，加密资产价格与机构持仓方向出现明显背离。同期比特币下跌约14.2%，但机构披露的比特币持仓仍从约49.8万枚增至约53.6万枚，环比增加约7.5%。不过，ETF层面的比特币总持仓下降，美国现货比特币ETF在二季度继续录得净赎回。
披露还显示，多个大型银行的以太坊敞口增速快于比特币。摩根士丹利的比特币敞口环比增长3.7%，以太坊敞口增长18.6%；摩根大通的比特币敞口增长12.2%，以太坊敞口增长67.3%。但从整体看，以太坊现货ETF二季度仍是净流出，累计约7.14亿美元。
交易和对冲基金的仓位变化则更为分化。Jane Street在前一季度大幅减持后重新加仓IBIT，部分基金则削减现货比特币ETF仓位，并通过期权调整敞口。对市场的影响整体偏中性略偏正面：这批数据对加密相关股票和ETH相关产品略有支撑，但ETF净流出和持仓集中说明机构需求并不均衡，更多是结构性调整而非普遍加仓。