Author: Bitcoin Strategy

Translator: Shenchao TechFlow

Shenchao Guide: In the second quarter, Bitcoin fell by 14%, but institutional 13F holdings increased by 7.5%, indicating that smart money is continuously accumulating at the bottom. Wells Fargo and JPMorgan added over 10,000 BTC in one quarter, and the Abu Dhabi sovereign fund is also following suit. This shows that institutions view the current price as an entry point, which is of significant reference value for judging the market bottom.

Dear Bitcoin holders,

In this week's Roxom "Bitcoin Market Status" program, I discussed the price trends. I categorize this cycle as one of institutional adoption and maturation, with the main catalyst being the approval of ETFs.

We have repeatedly discussed that the primary entry points for institutional adoption are ETFs and custody companies.

For this reason, Bitcoin Strategy releases an institutional adoption report every quarter based on the latest institutional ETF holdings. The data comes from SEC 13F filings, which require institutions managing over $100 million in assets to report, referred to as smart money.

Yesterday was the deadline, and the latest data on institutional ETF holdings for the second quarter of 2026 has been released.

In today’s briefing, we will discuss the latest insights these filings bring, as they are proxy indicators for institutional adoption of Bitcoin. Let's get started directly!

Institutional Adoption Report: Second Quarter 2026

👉 Key Insight: In the second quarter, Bitcoin's price fell by 14.2%, while institutional holdings increased by 7.5%. This bullish divergence indicates that institutions are continuously accumulating during the formation of Bitcoin's bottom.

Proportion of Institutional ETF Holdings

The total ETF holdings decreased from 1,297,010 BTC to 1,211,322 BTC, a decline of 6.6%; while institutional holdings increased from 498,389 BTC to 535,723 BTC, an increase of 7.5%.

👉 Key Insight: Despite the decline in total ETF holdings, institutions increased their positions, with institutional market share rising from 38.4% to 44.2%, reaching a record high!

Top 25 ETF Holders

Here are the top 25 institutional Bitcoin ETF holders.

👇 Key Insight:

Among them, 17 institutions increased their positions this quarter.

Wells Fargo and JPMorgan both added over 10,000 BTC.

The Abu Dhabi sovereign wealth fund increased its positions.

New Entrants

Here is the list of new entrants that configured over 100 BTC for the first time.

Notably, Ameriprise, a mainstream wealth management and financial services firm in the U.S. with over 10,000 financial advisors and approximately $1.7 trillion in assets under management.

This reaffirms that Bitcoin has become a mature institutional-grade asset and is gradually being incorporated into traditional wealth management through financial advisors. This is a very positive development.

Other newcomers mainly consist of hedge funds and investment management firms, among which Context Capital Management and Compass Rose Asset Management had the largest new allocations, at $191 million and $122 million, respectively. Although the names may not be as prominent, these are still large new positions and a positive signal for the continued growth of institutional adoption.

Number of Institutions

The number of institutions reporting Bitcoin holdings through 13F filings decreased from approximately 2,000 in the first quarter to nearly 1,900 in the second quarter, a decline of 6.8%.

This indicates that the bear market is still quite harsh. Despite the overall increase in institutional holdings, some institutions are still forced to or are fearful of exiting the market.

Conclusion

This institutional data has really exceeded my expectations. Considering the bear market phase and price trends, I did not expect to see such substantial growth. The total institutional holdings are nearly surpassing the numbers we saw at the peak of the cycle.

This confirms that institutions view the current price as an attractive entry point. Coupled with the recent recovery following digital credit stress testing, the likelihood of a rebound has increased.

I hope you understand this bullish divergence! As always, I strive to provide you with the best data and insights. I would love to see your comments and thoughts.👊 🧡

See you next week, 🫡