Bitcoin’s Q2 selloff split Wall Street as banks bought, hedge funds cut and sovereigns held
Bitcoin fell 14.2% in the second quarter, while institutional Bitcoin ETF holdings rose 7.5% over the same period, climbing from 498,389 to 535,723 BTC equivalent. Fewer institutions drove that increase, with the number reporting Bitcoin positions through 13F filings falling roughly 6.8%, from about 2,000 to around 1,900.
Those figures are Bitcoin Strategy's second-quarter estimate, built from public 13F filings the SEC collects but does not itself aggregate this way.
CoinShares, using its methodology on the prior quarter, counted just 261,000 BTC held by professional 13F filers. It put the professional share of US-traded spot Bitcoin ETF assets at 20.8%, well below Bitcoin Strategy's 44.2% figure.
The gap between those two counts shows how much the headline number depends on which filers and products get counted.
| Metric | Q1 / prior level | Q2 level | Change | Why it matters |
|---|---|---|---|---|
| Bitcoin price | — | — | -14.2% | ETF ownership rose during a drawdown |
| Institutional BTC-equivalent ETF holdings | 498,389 BTC | 535,723 BTC | +7.5% | Fewer filers controlled more ETF Bitcoin |
| Institutions reporting Bitcoin positions | ~2,000 | ~1,900 | -6.8% | Ownership became more concentrated |
| Institutional share of ETF Bitcoin | 38.4% | 44.2% | +5.8 pts | The headline adoption number improved |
| CoinShares Q1 professional count | — | 261,000 BTC | — | Shows methodology can radically change the total |
The banks and quants that built Bitcoin positions
JPMorgan's reported ordinary IBIT position rose 25.35% during the quarter, climbing from 8,302,691 shares to 10,407,635 shares, worth roughly $355.7 million at the June 30 filing price.
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