Original title: (Latest 'battle situation' of crypto ETFs: 12 institutions invest 15.8 billion USD, BlackRock captures over 90% of inflows, many ETFs lag behind)
Original author: Nancy, PANews
As Bitcoin and Ethereum prices continue to rise, Wall Street is accelerating its control over the pricing of crypto assets through crypto ETFs, becoming an important barometer of price trends and market sentiment. The institutional financial reports just concluded in Q2 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, particularly as products under BlackRock have become the core configuration choice for new funds, while the performance of ETFs from other institutions has been relatively sluggish.
The fund flow of spot ETFs shows significant differentiation, with BlackRock monopolizing large inflows.
In Q2 this year, U.S. Bitcoin and Ethereum spot ETFs performed strongly overall, but capital 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 USD in this quarter, averaging about 4.267 billion USD per month, but the capital inflow was almost monopolized by one entity.
BlackRock's IBIT attracted 12.45 billion USD in a single quarter, accounting for almost 96.8% of the total market net inflow, with stock prices rising 23.1% during the same period. In contrast, other institutions performed poorly, with Fidelity’s FBTC recording about 490 million USD in net inflow, with a stock price increase of about 23.15%; Grayscale’s mini BTC saw inflows exceeding 330 million USD, with a stock price increase of 22.9%; Bitwise’s BITB saw inflows exceeding 160 million USD, with a stock price increase of 23%; VanEck’s HODL had net inflows of less than 150 million USD, with a stock price increase of about 23.1%; the remaining 7 products (such as Grayscale's GBTC, ARK Investment's ARKB, etc.) generally experienced net outflows.
Ethereum spot ETFs also performed remarkably. SoSoValue data shows that 9 Ethereum spot ETFs had a cumulative net inflow of over 1.79 billion USD this quarter, averaging over 590 million USD per month.
Among them, BlackRock's ETHA remains the main recipient of capital, with a net inflow of nearly 1.45 billion USD and a stock price increase of 11.5%; Fidelity's FETH attracted over 250 million USD in net inflow, with a stock price increase of 34.6%; Grayscale's mini ETH saw net inflows exceeding 160 million USD, with a stock price increase of 34.7%; Bitwise's ETHW net inflow was about 33.27 million USD, with a stock price increase of 36.37%; VanEck's ETHV received a capital inflow of 5.81 million USD, with a stock price increase of 34.76%; Grayscale's ETHE saw net outflows exceeding 130 million USD, with a quarterly price increase of 34.26%; Franklin's EZET gained about 6.32 million USD in net inflows, with a stock price increase of about 34.61%; 21Shares' CETH saw inflows of 8.14 million USD, with a stock price increase of 34.63%; Invesco's QETH had net inflows of 3.37 million USD, with a stock price increase of about 33.6%.
12 institutions had total holdings of 15.8 billion USD, with BlackRock products being the primary choice for heavy allocations.
PANews summarized the Bitcoin/Ethereum spot ETF holdings of 12 listed companies in Q2. These institutions generally increased their allocation to Bitcoin and Ethereum ETFs during this quarter, with total holdings of approximately 15.8 billion USD, accounting for about one-tenth of the total market value of all Bitcoin ETFs, while enhancing risk management and yield optimization through call/put options.
In terms of Bitcoin spot ETFs, IBIT and FBTC are 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 terms of Ethereum ETFs, ETHA became the preferred target for various institutions, with Goldman Sachs, Millennium Management, and Capula Management all 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 USD, ETHA increase of 283%
As of Q2 2025, Goldman Sachs has increased its investment in crypto ETFs, with its spot holdings exceeding 2.7 billion USD, particularly notable increases in Ethereum-related products. Specifically, Goldman Sachs slightly increased its holdings in IBIT this quarter, with holdings exceeding 1.568 billion USD, and held call and put options for IBIT valued at over 1.25 billion USD; at the same time, the institution also increased its holdings of FBTC, with holdings exceeding 430 million USD, 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%, and the market value of its holdings exceeding 474 million USD, along with new call options valued at over 14.3 million USD; additionally, it slightly increased its holdings of about 1.95 million shares of FETH, with a holdings value reaching 246 million USD.
Brevan Howard: Spot holdings are close to 2.3 billion USD, significantly increasing 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 (valued at approximately 2.296 billion USD), having increased its holdings by over 1.59 million shares compared to Q1, an increase of 74%. Additionally, Brevan Howard also added new put options valued at 400,000 USD for IBIT this quarter to hedge against potential risks. Furthermore, the institution also added over 43,000 shares of BlackRock's ETHA in Q2, valued at about 806,000 USD.
Jane Street: Major increases in IBIT and ETHA, dual layout of spot and options.
In Q2 2025, globally renowned quantitative trading company Jane Street significantly increased its spot allocation in multiple Bitcoin/Ethereum spot ETFs, with total holdings exceeding 2.2 billion USD, and strengthened yield and risk management through volatility trading and hedging, with the holdings scale centered around BlackRock's ETF products.
In terms of Bitcoin spot ETFs, Jane Street held 23.967 million shares of IBIT (valued at approximately 1.467 billion USD) this quarter, with the number of shares increasing by 268% compared to Q1, while also significantly increasing the exposure of IBIT's call and put options, with the total value of related options holdings rising to 1.78 billion USD; ARKB held 11.43 million shares (valued at approximately 409 million USD), increasing by 128% quarter-on-quarter, while significantly expanding ARKB's call and put options; GBTC holdings were 1.02 million shares (valued at approximately 86.55 million USD), increasing by 219% quarter-on-quarter, while holding about 24 million USD in related call and put options; BITO's holdings exceeding 53.74 million USD, with shares increasing by 232% compared to Q1; also newly held 190,000 shares of BITB, valued at approximately 11.6 million USD. In contrast, Jane Street slightly reduced its holdings of Grayscale's mini BTC and significantly reduced its holdings of DEFI.
In terms of Ethereum spot ETFs, Jane Street held ETHA valued at over 130 million USD in Q2, increasing its holdings by over 3.78 million shares compared to Q1, and added new related call and put options valued at over 42 million USD; the holdings scale of FETH reached 47.37 million USD, with a quarter-on-quarter increase of 36%. In addition, the holdings scale of ETHE, ETH, EZET, and QETH were all around a few million USD, while ETHW and CETH were significantly reduced or even completely liquidated.
Haina International Group: Heavy holdings in IBIT and FBTC, significantly increasing positions in Ethereum ETFs.
As of Q2 2025, the value of Bitcoin/Ethereum spot ETFs held by Haina International Group was close to 1.5 billion USD, and it increased its options scale to manage volatility risk.
Among them, Haina International held IBIT valued at over 680 million USD, as well as up to 1.56 billion USD in call options and 750 million USD in put options; FBTC's holdings exceeded 310 million USD, while it allocated nearly 950 million USD in call and put options; the holdings of ARKB increased to 357 million USD, with a share count surging by 4565% quarter-on-quarter, making it the most significant increase in holdings; BITB's share count also increased by 1093%, with a holdings value of approximately 100 million USD; and it also held several thousand USD in Grayscale's GBTC and BTC, as well as several million USD in BTCW and HODL.
In terms of Ethereum spot ETFs, Haina International held ETHA valued at 17.9 million USD, and added new call and put options valued at over 84 million USD; Grayscale's ETH share count increased by 588% quarter-on-quarter, with holdings valued at approximately 23.27 million USD. Additionally, the institution expanded and added positions in FETH, FETH, and ETHW products, mostly valued in millions of USD.
Horizon Kinetics Asset Management: Bitcoin ETF is the core allocation, with no significant changes in positions.
Horizon Kinetics Asset Management's crypto ETF holdings value exceeds 1.43 billion USD, with Bitcoin ETF as the main allocation. In Q2, Horizon Kinetics slightly reduced its holdings in GBTC, with holdings still exceeding 1.23 billion USD, and held 146 million USD in Grayscale BTC, with the share count unchanged from the previous quarter; meanwhile, IBIT's holdings increased to 5.888 million USD, with a share count increasing by about 11% quarter-on-quarter; HODL and FBTC holdings did not show significant changes, with asset values in the tens of thousands of USD. Additionally, the institution also held a small amount of Grayscale's ETHE and ETH.
Schonfeld Strategic Advisors: Total holdings value exceeds 1.1 billion USD, significantly increasing ARKB.
Multi-strategy hedge fund management company Schonfeld Strategic Advisors continued to increase its holdings of Bitcoin and Ethereum-related funds in Q2, with total holdings valued at approximately 1.12 billion USD.
In terms of Bitcoin spot ETFs, Schonfeld Strategic Advisors held FBTC valued at over 437 million USD, with a slight increase in share count; IBIT holdings increased to about 347 million USD, with new call options valued at 1.53 million USD; ARKB's share count surged by 1228% quarter-on-quarter, with a holding value close to 120 million USD; BITB's holdings expanded to 113 million USD, and it also held about 53 thousand USD in GBTC.
At the same time, the institution increased its holdings of approximately 1.68 million shares of ETHA in this quarter, with a total value of 84.45 million USD; it established a new position of 500,000 shares of ETHW, valued at approximately 9.03 million USD; the number of FETH shares remained unchanged from the previous quarter, valued at approximately 4.04 million USD.
Avenir Group: IBIT holdings exceed 1 billion USD, 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 USD in IBIT, with a share increase of 12% quarter-on-quarter, ranking first among Asian institutional investors, and also added new call options valued at approximately 12.2 million USD; the holdings scale of FBTC is about 5.51 million USD.
Millennium Management: IBIT accounts for more than half, increasing allocation to Ethereum ETFs.
As of Q2 2025, global alternative investment management company Millennium Management held over 940 million USD in crypto ETFs, primarily in Bitcoin spot ETFs.
Among them, Millennium Management held IBiT valued at over 488 million USD, with the number of shares increasing by 22% compared to Q1, and also held over 28 million USD in call and put options; the holdings of FBTC changed little from the previous quarter, with asset value reaching 160 million USD; BITB slightly reduced its holdings, with a value close to 45.3 million USD; ARKB held approximately 38 million USD, with the number of shares increasing by 207% quarter-on-quarter; Grayscale’s BTC and GBTC holdings were valued at nearly 30 million USD and 1.96 million USD respectively.
In terms of Ethereum spot ETFs, Millennium Management increased its holdings by over 5.8 million shares of ETHA in Q2, valued at over 11 million USD; Grayscale's ETH share count also increased by 103% quarter-on-quarter, with a value reaching 5.885 million USD; FETH also saw significant increases in holdings, valued at about 10.52 million USD; the ETHW position remained unchanged from the previous quarter, with asset value rising to around 2.6 million USD.
Capula Management: Total holdings exceed 800 million USD, with IBIT being the major component.
Capula Management is one of the largest hedge fund management companies in Europe, holding over 868 million USD in Bitcoin/Ethereum spot ETFs in Q2. Specifically, Capula Management held over 9.48 million shares of IBIT (valued at approximately 580 million USD), with a quarter-on-quarter increase of 23%. At the same time, the institution held FBTC valued at approximately 140 million USD, but its holdings significantly decreased by 65% compared to Q1.
In terms of Ethereum spot ETFs, Capula Management expanded its related configuration scale this quarter, with ETHA holdings surging 196% to 5.35 million shares, valued at over 100 million USD; while FETH holdings slightly increased to approximately 45.21 million USD.
Symmetry Capital: Only holding over 680 million USD in IBIT, with a slight increase in positions 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 Investments increased its holdings of IBIT by approximately 4% compared to the previous quarter, with a share count exceeding 11.23 million shares, corresponding to a value exceeding 688 million USD.
Mubadala Investment: Maintains IBIT holdings unchanged.
Mubadala Investment is a sovereign investment institution with a global asset management scale exceeding 330 billion USD. 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 rise in IBIT's stock price, its holdings value increased to approximately 534 million USD.
Sculptor Capital: Total holdings value exceeds 500 million USD, significantly increasing IBIT.
Global alternative asset management company Sculptor Capital held over 500 million USD in Bitcoin spot ETFs in Q2. Specifically, the institution significantly increased its holdings of IBIT, with the share count increasing by 60% quarter-on-quarter, and the holdings value exceeding 270 million USD. Additionally, the institution held FBTC and BITB valued at over 200 million USD and 21.52 million USD, with the share count remaining unchanged from Q1.
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