Author: Nancy, PANews
As Bitcoin and Ethereum prices rise, Wall Street is accelerating its control over the pricing power of crypto assets through crypto ETFs, becoming an important barometer for price trends and market sentiment. The recently concluded Q2 institutional earnings reports show that the strong entry of institutional funds has driven the expansion of crypto ETF scales, while also exacerbating the differentiation of the market landscape, especially as BlackRock's products become the core allocation choice for new funds, while the performance of other institutions' ETFs remains relatively sluggish.
The fund flow of spot ETFs is clearly diverging, with BlackRock alone taking in large inflows.
In Q2 of this year, the overall performance of Bitcoin and Ethereum spot ETFs in the United States was strong, but fund inflows were highly concentrated, with long-tail ETFs performing relatively poorly.
According to SoSoValue data, 12 related ETFs recorded a total net inflow of $12.8 billion in the quarter, averaging about $4.267 billion per month, but the inflow of funds was almost monopolized by one firm.
BlackRock's IBIT attracted $12.45 billion in a single quarter, accounting for almost 96.8% of the total market net inflow, with the stock price rising by 23.1% during the same period. In contrast, the performance of other institutions appeared lackluster, with Fidelity's FBTC recording about $490 million in net inflow, with a stock price increase of about 23.15%; Grayscale's mini BTC saw inflows exceeding $330 million, with a stock price increase of 22.9% during the period; Bitwise's BITB saw inflows exceeding $160 million, with a stock price increase of 23%; VanEck's HODL had net inflows of less than $150 million, with a stock price increase of about 23.1%; the remaining seven products (such as Grayscale GBTC and ARK Invest ARKB) generally experienced net outflows.
Ethereum spot ETFs also performed impressively. SoSoValue data shows that 9 Ethereum spot ETFs had a cumulative net inflow of over $1.79 billion in this quarter, with an average monthly inflow of over $590 million.
Among them, BlackRock's ETHA remains the main recipient of funds, with a net inflow of nearly $1.45 billion and a stock price increase of 11.5% during the period; Fidelity's FETH attracted over $250 million in net inflows, with a stock price increase of 34.6%; Grayscale's mini ETH saw net inflows exceeding $160 million, and its stock price also achieved a 34.7% increase; Bitwise's ETHW had a net inflow of about $33.27 million, with a stock price increase of 36.37%; VanEck's ETHV received an inflow of $5.81 million, with a stock price increase of 34.76%; Grayscale ETHE had a net outflow of over $130 million, with a stock price increase of 34.26% for the quarter; Franklin's EZET received a net inflow of about $6.32 million, with a stock price increase of about 34.61%; 21Shares' CETH had an inflow of $8.14 million, with a stock price increase of 34.63%; Invesco's QETH had a net inflow of $3.37 million, with a stock price increase of about 33.6%.
12 institutions with a total holding of $15.8 billion, BlackRock products become the preferred heavyweights.
PANews summarized the Bitcoin/Ethereum spot ETF holdings of 12 listed companies in Q2, with these institutions generally increasing their allocations to Bitcoin and Ethereum ETFs, with cumulative holdings of about $15.8 billion, accounting for about one-tenth of the total market capitalization of all Bitcoin ETFs, while enhancing risk management and optimizing returns through call/put options.
Among them, in the Bitcoin spot ETF aspect, IBIT and FBTC are the key targets for institutions, with most institutions such as Goldman Sachs, Jane Street, Haina International, and Millennium Management significantly increasing their holdings; while ARKB saw explosive increases in holdings among some institutions, such as Haina International and Schonfeld Strategic Advisors. In the Ethereum ETF aspect, ETHA has become the preferred target for various institutions, with Goldman Sachs, Millennium Management, Capula Management, and others significantly increasing their holdings in Q2. FETH was also increased by several institutions, but the scale and increase were relatively smaller compared to ETHA, while most other Ethereum ETFs lagged behind.
Goldman Sachs: Spot holdings exceed $2.7 billion, with ETHA increasing by 283%.
As of Q2 2025, Goldman Sachs increased its investment in crypto ETFs, with its spot holdings exceeding $2.7 billion, especially with a significant increase in Ethereum-related products. Specifically, Goldman Sachs slightly increased its holdings in IBIT, with its holding scale now exceeding $1.568 billion, and held over $1.25 billion in IBIT call and put options; at the same time, the institution also increased its holdings in FBTC, with a holding value exceeding $430 million, and reduced the corresponding put options.
In terms of Ethereum spot ETFs, Goldman Sachs significantly increased its holdings in ETHA, with the number of shares increasing by 283% quarter-over-quarter, and the market value of holdings exceeding $474 million, while also adding over $14.3 million in call options; in addition, it slightly increased its holdings of about 1.95 million shares of FETH, with a holding value reaching $246 million.
Brevan Howard: The size of the spot holdings is close to $2.3 billion, significantly increasing its holdings in IBIT.
Brevan Howard is one of the largest macro hedge funds in the world. As of Q2 2025, Brevan Howard held over 3,750 shares of BlackRock's IBIT (worth about $2.296 billion), an increase of over 15.9 million shares compared to Q1, with an increase rate of 74%. At the same time, Brevan Howard also added $400,000 worth of IBIT put options this quarter to hedge against potential risks. Moreover, the institution also newly held over 43,000 shares of BlackRock's ETHA, valued at about $806,000.
Jane Street: Main focus on increasing holdings in IBIT and ETHA, with both spot and options strategies.
In Q2 2025, globally renowned quantitative trading firm Jane Street significantly increased its spot allocation in several Bitcoin/Ethereum spot ETFs, with an overall holding scale exceeding $2.2 billion, and enhanced returns and risk management through volatility trading and hedging, but the holding scale is centered on BlackRock's ETF products.
In terms of Bitcoin spot ETFs, Jane Street held 23.967 million shares of IBIT (worth about $1.467 billion) this quarter, with the number of shares increasing by 268% compared to Q1, while significantly increasing exposure to IBIT call and put options, with a total value of related options rising to $1.78 billion; ARKB held 11.43 million shares (worth about $409 million), a quarter-on-quarter increase of 128%, and also significantly expanded ARKB's call and put options; GBTC held 1.02 million shares (worth about $86.55 million), a quarter-on-quarter increase of 219%, while holding about $24 million in related call and put options; BITO held over $53.74 million, with shares increasing by 232% compared to Q1; and compared to this, Jane Street slightly reduced its holdings in Grayscale mini BTC and significantly reduced its DEFI holdings.
In terms of Ethereum spot ETFs, Jane Street held ETHA worth over $130 million in Q2, increasing its holdings by over 3.78 million shares compared to Q1, and added call and put options valued at over $42 million; the holding scale of FETH reached $47.37 million, with a quarter-on-quarter increase of 36%. Additionally, the holding scales of ETHE, ETH, EZET, and QETH are all around several million dollars, while ETHW and CETH were significantly reduced or even completely liquidated.
Haina International Group: Heavily invested in IBIT and FBTC, significantly building positions in Ethereum ETFs.
As of Q2 2025, Haina International Group held Bitcoin/Ethereum spot ETFs valued at nearly $1.5 billion and increased the scale of options to manage volatility risk.
Among them, Haina International held IBIT worth over $680 million, along with as much as $1.56 billion in call options and $750 million in put options; FBTC's holding scale exceeded $310 million, while allocating nearly $950 million in call and put options; ARKB's holding scale increased to $357 million, with the number of shares surging by 4565% quarter-over-quarter, marking the most significant increase; BITB's number of shares also increased by 1093% compared to the previous quarter, with a holding value of about $100 million; and it also holds several thousand dollars worth of Grayscale GBTC and BTC, as well as several million dollars in BTCW and HODL.
In terms of Ethereum spot ETFs, Haina International holds ETHA worth $17.9 million and has added over $84 million in call and put options; Grayscale's ETH holdings increased by 588% quarter-over-quarter, with a holding scale of about $23.27 million. Additionally, the institution has also expanded and added positions in products like FETH, FETH, and ETHW, valued mostly in millions of dollars.
Horizon Kinetics Asset Management: Bitcoin ETFs are the core allocation, with no significant changes in positions.
Horizon Kinetics Asset Management's crypto ETF position value exceeds $1.43 billion, with Bitcoin ETFs as the main configuration. In Q2, Horizon Kinetics slightly reduced its holdings in GBTC, with a holding scale still exceeding $1.23 billion, and held $146 million in Grayscale BTC, with the number of shares remaining the same as the previous quarter; meanwhile, IBIT's holding scale expanded to $5.888 million, with the number of shares increasing by about 11% quarter-over-quarter; HODL and FBTC positions did not show significant changes, with asset values in the hundred thousand dollars range. Additionally, the institution also holds a small amount of Grayscale's ETHE and ETH.
Schonfeld Strategic Advisors: Total holding value exceeds $1.1 billion, significantly increasing ARKB.
Multi-strategy hedge fund management firm Schonfeld Strategic Advisors continued to increase its holdings in crypto and Ethereum-related funds in Q2, with a total holding value of about $1.12 billion.
In terms of Bitcoin spot ETFs, Schonfeld Strategic Advisors held over $437 million in FBTC, with a slight increase in the number of shares compared to the previous quarter; the holding size of IBIT increased to about $347 million, with newly added call options worth $1.53 million; ARKB's number of holdings increased by 1228% quarter-over-quarter, with a holding value approaching $120 million; BITB's holding value expanded to $113 million, along with about $5.3 million in GBTC.
At the same time, the institution increased its holdings of about 1.68 million shares of ETHA this quarter, with a holding value reaching $84.45 million; it established a new position of 500,000 shares of ETHW, valued at about $9.03 million; the number of FETH shares remained unchanged from the previous quarter, valued at about $4.04 million.
Avenir Group: IBIT holding scale exceeds $1 billion, ranking first among Asian institutional investors.
Avenir Group is a family office founded by Li Lin. As of Q2 this year, Avenir Group held over $1.01 billion in IBIT, with the number of shares increasing by 12% quarter-over-quarter, ranking first among Asian institutional investors, and newly added call options valued at about $12.2 million; the holding scale of FBTC is about $5.51 million.
Millennium Management: IBIT accounts for more than half, increasing Ethereum ETF allocation.
As of Q2 2025, global alternative investment management company Millennium Management held over $940 million in crypto ETFs, mainly focused on Bitcoin spot ETFs.
Among them, Millennium Management held IBIT worth over $488 million, with the number of shares increasing by 22% compared to Q1, while also holding over $28 million in call and put options; the number of FBTC holdings remained largely unchanged from the previous quarter, with an asset value reaching $16 million; BITB was slightly reduced, with a holding value approaching $45.3 million; ARKB held about $38 million, with the number of shares increasing by 207% quarter-over-quarter; Grayscale BTC and GBTC held values close to $30 million and $19.6 million, respectively.
In terms of Ethereum spot ETFs, Millennium Management added over 5.8 million shares of ETHA in Q2, valued at over $110 million; Grayscale ETH's number of shares also increased by 103% quarter-over-quarter, holding a value of $58.85 million; FETH also received significant increases, with a holding value of about $10.52 million; the position of ETHW remained unchanged from the previous quarter, with asset value rising to about $2.6 million.
Capula Management: Total holdings exceed $800 million, with IBIT being the major component.
Capula Management is one of the largest hedge fund management companies in Europe, holding crypto ETFs worth over $868 million in Q2. Among them, Capula Management held over 9.48 million shares of IBIT (worth about $580 million), a quarter-on-quarter increase of 23%. At the same time, the institution held about $140 million in FBTC, but its holdings decreased significantly by 65% compared to Q1.
In terms of Ethereum spot ETFs, Capula Management expanded its related allocation in this quarter, with ETHA holdings surging by 196% to 5.35 million shares, valued at over $100 million; while FETH holdings slightly increased to about $45.21 million.
Symmetry Capital: Holds only over $680 million in IBIT, with a slight increase in Q2.
Symmetry Investments is a hedge fund company based in Hong Kong, focusing on fixed income arbitrage and global macro strategies. In Q2 2025, Symmetry Capital increased its holdings in IBIT by about 4% compared to the previous quarter, holding over 11.23 million shares, corresponding to a value of over $688 million.
Mubadala Investment: Maintains unchanged holdings in IBIT.
Mubadala Investment is a sovereign investment institution with a global asset management scale exceeding $330 billion. The fund held over 8.72 million shares of IBIT in Q2, maintaining the same number of shares as the previous quarter. However, due to the increase in IBIT's stock price, its holding value rose to about $534 million.
Sculptor Capital: Total holding value surpasses $500 million, significantly increasing holdings in IBIT.
Global alternative asset management company Sculptor Capital held Bitcoin spot ETFs worth over $500 million in Q2. Specifically, the institution significantly increased its holdings in IBIT this quarter, with the number of shares increasing by 60%, and the holding value exceeding $270 million. At the same time, the institution also held over $200 million and $21.52 million worth of FBTC and BITB, respectively, with the number of shares unchanged compared to the first quarter.
