In the second quarter of 2025, institutions significantly increased their Bitcoin holdings through ETFs, reaching a total scale of $33.6 billion.
📊 Overview of core data
Investment advisors added 37,156 BTC, with a total holding of 161,909 BTC, amounting to $17.4 billion, almost double that of hedge funds.
Hedge fund holdings amount to approximately $9 billion; brokerages rank second with $4.3 billion, adding 13,911 BTC; banks added 2,476 BTC, with a market value of about $655 million.
Brevan Howard becomes the largest institutional shareholder, increasing its IBIT holdings to $2.3 billion in the second quarter.
Harvard Management Company enters the Bitcoin ETF space for the first time, holding $117 million, surpassing its gold ETF allocation.
💡 It is worth noting that institutional holding data comes only from 13F filings, accounting for about 25% of the total ETF shares. The remaining 75% of Bitcoin ETF shares are held by unreported entities, primarily retail investors.
🔎 This indicates that while institutions are accelerating their positioning, it is still retail investors driving the fund flows into Bitcoin ETFs. The participation of institutions marks that Bitcoin is gradually integrating into the professional wealth management system, while retail investors remain the largest source of market activity.
