Author: Nancy, PANews
As the prices of Bitcoin and Ethereum continue to rise, Wall Street is accelerating its control over the pricing power of crypto assets through crypto ETFs, becoming an important barometer for insights into price trends and market sentiment. The recently concluded Q2 institutional earnings reports show that the strong influx of institutional funds has driven the expansion of crypto ETF scales while also intensifying the differentiation in market patterns, particularly as BlackRock's products have become the core choice for new capital allocation, while the performance of other institutions' ETFs has been relatively lackluster.
Significant Divergence in Spot ETF Fund Flows, BlackRock Dominates Inflows
In Q2 of this year, the overall performance of U.S. Bitcoin and Ethereum spot ETFs 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 inflows were almost entirely dominated by one entity.
BlackRock's IBIT attracted $12.45 billion in a single quarter, accounting for nearly 96.8% of the entire market's net inflow, with its stock price rising by 23.1% during the same period. In contrast, the performance of other institutions was lackluster, with Fidelity's FBTC recording about $490 million in net inflows and 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%; Bitwise's BITB had inflows of over $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 7 products (such as Grayscale's GBTC and ARK Invest's 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, averaging over $590 million per month.
Among them, BlackRock's ETHA remained the main recipient of funds, with net inflows nearing $1.45 billion and a stock price increase of 11.5%; 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, with a stock price increase of 34.7%; Bitwise's ETHW had net inflows of about $33.27 million, with a stock price increase of 36.37%; VanEck's ETHV received $5.81 million in inflows, with a stock price increase of 34.76%; Grayscale's ETHE experienced net outflows exceeding $130 million, with a stock price increase of 34.26% for the quarter; Franklin's EZET had net inflows of about $6.32 million, with a stock price increase of about 34.61%; 21Shares' CETH saw inflows of $8.14 million, with a stock price increase of 34.63%; Invesco's QETH had net inflows of $3.37 million, with a stock price increase of about 33.6%.
Total Holdings of 12 Companies Reach $15.8 Billion, BlackRock Products Become Top Choices
PANews has compiled the Bitcoin/Ethereum spot ETF holdings of 12 listed companies in Q2, showing that these institutions generally increased their allocations to Bitcoin and Ethereum ETFs during the quarter, with total holdings of about $15.8 billion, accounting for about one-tenth of the total market capitalization of all Bitcoin ETFs, while also enhancing risk management and yield optimization through call/put options.
In terms of Bitcoin spot ETFs, IBIT and FBTC are the key targets for institutional investment, with most institutions such as Goldman Sachs, Jane Street, Haina International, and Millennium Management significantly increasing their holdings; ARKB saw explosive increases in holdings among some institutions, such as Haina International and Schonfeld Strategic Advisors. For Ethereum ETFs, ETHA became the preferred target for various institutions, with Goldman Sachs, Millennium Management, and Capula Management all significantly increasing their positions in Q2. FETH was also increased by several institutions, but its scale and growth were relatively smaller compared to ETHA, while most other Ethereum ETFs lagged behind.
Goldman Sachs: Spot Holdings Exceed $2.7 Billion, ETHA Increases by 283%
As of Q2 2025, Goldman Sachs has increased its investment in crypto ETFs, with its spot holdings exceeding $2.7 billion, particularly notable for the increase in Ethereum-related products. Specifically, Goldman Sachs slightly increased its holdings in IBIT, which now exceed $1.568 billion, and holds over $1.25 billion in IBIT call and put options; at the same time, the institution also increased its holdings in FBTC, with a value exceeding $430 million, while reducing corresponding put options.
In terms of Ethereum spot ETFs, Goldman Sachs significantly increased its holdings in ETHA, with the number of shares rising by 283% quarter-on-quarter, and the market value of its holdings exceeding $474 million, along with new call options valued at over $14.3 million; additionally, it slightly increased its holdings in about 1.95 million shares of FETH, with a holding value reaching $246 million.
Brevan Howard: Spot Holdings Close to $2.3 Billion, Significantly Increased IBIT Holdings
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), having increased its holdings by over 1.59 million shares, a growth of 74% compared to Q1. Additionally, Brevan Howard also added $400,000 worth of IBIT put options this quarter to hedge against potential risks. Furthermore, the institution also added over 43,000 shares of BlackRock's ETHA, valued at approximately $806,000.
Jane Street: Major Increases in IBIT and ETHA, Dual Strategy in Spot and Options
In Q2 2025, the globally renowned quantitative trading firm Jane Street significantly increased its spot allocations in multiple Bitcoin/Ethereum spot ETFs, with total holdings exceeding $2.2 billion, and enhanced yield and risk management through volatility trading and hedging, with a focus on 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), an increase of 268% compared to Q1, while also significantly expanding its exposure to IBIT call and put options, with the total value of related options holdings rising to $1.78 billion; ARKB held 11.43 million shares (valued at approximately $409 million), a quarter-on-quarter increase of 128%, and also significantly expanded its ARKB call and put options; GBTC held 1.02 million shares (valued at approximately $86.55 million), a quarter-on-quarter increase of 219%, while holding about $24 million in related call and put options; BITO had a holding value exceeding $53.74 million, with shares increasing by 232% compared to Q1; and it newly held 190,000 shares of BITB, valued at approximately $11.6 million. In contrast, Jane Street slightly reduced its holdings in Grayscale's mini BTC and significantly decreased its DEFI holdings.
In terms of Ethereum spot ETFs, Jane Street held ETHA valued at over $130 million in Q2, having increased its holdings by over 378,000 shares, and added over $42 million in related call and put options; FETH had a holding value of $47.37 million, a quarter-on-quarter increase of 36%. Additionally, the holdings of ETHE, ETH, EZET, and QETH were all in the millions, while ETHW and CETH were significantly reduced or even completely liquidated.
Haina International Group: Heavy Holdings in IBIT and FBTC, Aggressively 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 its options scale to manage volatility risks.
Among them, Haina International held IBIT valued at over $680 million, along with up to $1.56 billion in call options and $750 million in put options; FBTC had a holding value exceeding $310 million, while allocating nearly $950 million in call and put options; ARKB's holdings increased to $357 million, with a quarter-on-quarter surge of 4,565%, making it the most significant increase; BITB's share count also increased by 1,093% quarter-on-quarter, with a holding value of about $100 million; and it also held Grayscale's GBTC and BTC worth thousands of dollars, along with millions in BTCW and HODL.
In terms of Ethereum spot ETFs, Haina International held ETHA valued at $17.9 million and added over $84 million in call and put options; Grayscale's ETH saw its share count increase by 588% quarter-on-quarter, with a holding value of about $23.27 million. Additionally, the institution expanded and added positions in products like FETH, FETH, and ETHW, with most values in the millions.
Horizon Kinetics Asset Management: Bitcoin ETFs as Core Allocation, Minimal Changes in Positions
Horizon Kinetics Asset Management's crypto ETF positions are valued at over $1.43 billion, with Bitcoin ETFs as the main allocation. In Q2, Horizon Kinetics slightly reduced its holdings in GBTC, which still exceed $1.23 billion, and holds $146 million in Grayscale BTC, with the number of shares remaining the same as the previous quarter; at the same time, the IBIT position expanded to $58.88 million, with a quarter-on-quarter increase of about 11%; HODL and FBTC positions did not show significant changes, with asset values in the hundreds of thousands. Additionally, the institution holds a small amount of Grayscale's ETHE and ETH.
Schonfeld Strategic Advisors: Total Holdings Exceed $1.1 Billion, Significantly Increased ARKB Holdings
Multi-strategy hedge fund management company Schonfeld Strategic Advisors continued to increase its holdings in Bitcoin and Ethereum-related funds in Q2, with a total holding value of approximately $1.12 billion.
In terms of Bitcoin spot ETFs, Schonfeld Strategic Advisors holds FBTC valued at over $437 million, with a slight increase in the number of shares; the IBIT position increased to approximately $347 million, with an addition of $1.53 million in call options; the number of ARKB shares surged by 1,228% quarter-on-quarter, with a holding value close to $120 million; BITB's holding value expanded to $113 million, along with approximately $530,000 in GBTC.
At the same time, the institution increased its holdings of ETHA by about 1.68 million shares, with a holding value of $84.45 million; it established a new position of 500,000 shares of ETHW, valued at approximately $9.03 million; the number of FETH shares remained unchanged from the previous quarter, with a value of about $4.04 million.
Avenir Group: IBIT Holdings Exceed $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 holds over $1.01 billion in IBIT, with a quarter-on-quarter increase of 12%, ranking first among Asian institutional investors, and added approximately $12.2 million in call options; the holding size of FBTC is about $5.51 million.
Millennium Management: IBIT Accounts for More Than Half, Increased Ethereum ETF Allocation
As of Q2 2025, global alternative investment management company Millennium Management holds over $940 million in crypto ETFs, primarily in Bitcoin spot ETFs.
Among them, Millennium Management holds IBIT valued at over $488 million, with the number of shares increasing by 22% compared to Q1, and also holds over $28 million in call and put options; the holding size of FBTC remained relatively unchanged from the previous quarter, with an asset value of $160 million; BITB saw a slight reduction, with a holding value close to $45.3 million; ARKB holds approximately $38 million, with a quarter-on-quarter increase of 207%; Grayscale BTC and GBTC holdings are valued at nearly $30 million and $1.96 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; the number of Grayscale ETH shares also increased by 103% quarter-on-quarter, with a holding value reaching $58.85 million; FETH also saw a significant increase, with a holding value of about $10.52 million; the ETHW position remained unchanged from the previous quarter, with asset value rising to around $2.6 million.
Capula Management: Total Holdings Exceed $800 Million, IBIT Dominates
Capula Management is one of the largest hedge fund management companies in Europe, holding over $868 million in Bitcoin/Ethereum spot ETFs in Q2. Among them, Capula Management holds over 9.48 million shares of IBIT (valued at approximately $580 million), with a quarter-on-quarter increase of 23%. At the same time, the institution holds FBTC valued at approximately $140 million, but this is a significant decrease of 65% compared to Q1.
In terms of Ethereum spot ETFs, Capula Management expanded its related allocation 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 Investments: Only Holds Over $680 Million in IBIT, Slightly Increased Holdings 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 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 IBIT Holdings Unchanged
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 approximately $534 million.
Sculptor Capital: Total Holding Value Exceeds $500 Million, Significantly Increased IBIT Holdings
Global alternative asset management company Sculptor Capital held over $500 million in Bitcoin spot ETFs 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 holds FBTC and BITB valued at over $200 million and $21.52 million, respectively, with the number of shares remaining unchanged from Q1.
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