Wall Street Q2 holdings revealed: as institutions fall and buy more, ETH outperforms BTC across the board
Source: ChainCatcher
Author: Zhou
Original title: Q2 Wall Street Institutional Crypto Positions: Most Institutions Buck the Trend and Increase Their Positions, and ETH Exposure Outperforms BTC Across the Board
ETF capital flows and institutional behavior were decoupled in the second quarter, and the institutionalization of crypto assets deepened;
At the same time, institutions are increasingly divided over crypto-related stock securities.
August 14 is the legal deadline for the US SEC to require institutional investors to submit Q2 13F forms.
After the centralized disclosure of documents, Wall Street's crypto holdings were once again spread out on the table.
There was a clear contrast between institutional movements and currency price trends this season. The price of Bitcoin fell by about 14.2%,
Instead, crypto holdings declared by institutions are increasing.
According to Bitcoin Strategy's calculation of 13F data, institutional Bitcoin holdings increased from about 498,000 to about 536,000.
There was a 7.5% month-on-month increase, and total ETF holdings fell from about 1.297,000 to about 1,211,000 during the same period.
According to SosoValue data, the US spot Bitcoin ETF continued to make net redemptions in the second quarter.
Net outflows in May and June were about 2.4 billion and 4.5 billion US dollars respectively, with June setting the worst monthly record since listing.
The Ethereum ETF also had a cumulative net outflow of around $700 million over the same period.
Meanwhile, the chips are focused on the head. The number of institutions declaring Bitcoin holdings dropped from about 2,000 to about 1,900.
According to Bloomberg data, as of August 13, there were about 1,500 institutional holders of one IBIT product, with a net worth of about US$47.35 billion.
The growth rate of Ethereum on the bank side has outperformed Bitcoin across the board
Earlier, ChainCatcher wrote in the first quarter position review: Institutions' interest in the allocation of Ethereum is growing.
Jane Street, Wells Fargo, and J.P. Morgan all added Ethereum ETFs during the outflow phase. twoIn the quarter, this trend was confirmed on the bank side.
According to DWF Labs estimates, based on the number of corresponding crypto assets, Morgan Stanley's exposure to BTC increased 3.7% month-on-month in the second quarter.
ETH exposure increased 18.6%. J.P. Morgan's BTC exposure increased 12.2%, and ETH exposure increased 67.3%.
Both banks are growing at a significantly higher rate of ETH than BTC.
The individual level is more intuitive. Morgan Stanley's ETHA increased by about 202% to 4.6 million shares,
J.P. Morgan's ETHA increased by about 338% to nearly 1.17 million shares.
Bank of America ETHA also increased from about 67,500 shares to about 1.98 million shares, about 29 times the previous one.
But in fact, there was an overall net outflow of Ethereum spot ETFs in the second quarter.
According to SosoValue data, there was still a net inflow of about 356 million US dollars in April, and net outflows of about 541 million and 529 million US dollars in May and June, respectively.
The total net outflow for the second quarter was approximately US$714 million.
Jane Street bought it back, and the hedge fund moved its position into options
Jane Street cut IBIT holdings by about 71% last season, and the market once speculated that it was bearish on Bitcoin.
This quarter, it reversed IBIT and added back about 24.9 million shares, a sharp increase of about 324% over the previous quarter, making it one of the biggest buyers of the quarter.
Its current spot Bitcoin ETF exposure is approximately $9.9 billion, of which approximately $828 million is in IBIT.
As an authorized participant and market maker, its end-of-quarter inventory is related to redemptions and hedging, and a large amount on spot is not equal to a directional bet.
It is worth noting that 13F only reported a long spot volume at the end of the quarter. If options were added, the image of several institutions would also reverse.
Global macro hedge fund Brevan Howard cut spot IBIT from 24.3 million shares to 7.21 million shares in the second quarter, reducing its holdings by about 70.4%.
But it also holds a call option corresponding to approximately 7.23 million IBIT shares and a put option of 5.27 million shares.
Graham Capital reduced current IBIT from about 926,000 shares to 259,000 shares during the same period, reducing its holdings by about 72%.
However, they held put options corresponding to about 1.74 million IBIT shares in their hands, with a declared value of about $57.94 million.
Multi-strategy giant Millennium reduced its current IBIT holdings by about 49.8% from about 19.29 million shares to 9.69 million shares.
However, IBIT directly held by UBS only increased by about 12% to 40,7890 shares.
The corresponding share holdings of call options skyrocketed from 80,000 shares to about 1.95 million shares, a quarterly increase of more than 24 times.Put options also declined by around 53% during the same period.
In contrast, Tudor, a fund owned by Paul Tudor Jones, looked very rough.
Meanwhile, the current IBIT was increased by nearly 20% to 688,500 shares, ending a year of holdings reduction.
Meanwhile, the IBIT-linked call options were cut by about 85%, from 998,000 shares to about 148,000 shares.
Crypto individual stock institutions have gone their separate ways
Crypto-related stocks are becoming an unavoidable allocation option for institutions. Strategy is the most representative of these.
Strategy tore open the myth of “never sell coins” in the second quarter: at the end of May, 32 bitcoins were sold for the first time to pay dividends.
On June 29, the board of directors also authorized a Bitcoin monetization framework of up to $1.25 billion.
13F As of June 30, the actual larger sell-off occurred after the season, and the BTC proxy narrative changed.
According to the documents, Bank of America reduced Strategy from about 3.97 million shares to about 1.18 million shares, cutting about 70%.
Renaissance backhanded 422,900 new shares, adding its total holdings to 2.55 million shares, or about US$242 million.
BlackRock also added MSTR to about 19.39 million shares, or about $1.69 billion.
However, BlackRock is the largest index issuer in the entire market, and its additional positions are probably more passively allocated along with the index.
Renaissance Technologies purchased 422,881 new Strategy shares, increasing the total number of shares held to 2.55 million shares.
The shareholding value reached US$242.3 billion, and the shareholding increased by 20%.
Royal Bank of Canada (Royal Bank of Canada) added 46,000 shares of Strategy,
Currently, it holds a total of about 385,000 shares, with a total value of about US$37.2 million. The shareholding ratio is 13.5% higher than before.
In addition, Circle is also one of the few related targets that are shared.
Morgan Stanley increased it sharply from about 1.46 million shares to about 8.32 million shares, and ARK also slightly increased its holdings by about 1% to 4.56 million shares.
In the case of Coinbase, the two companies did the complete opposite. Morgan Stanley reduced its holdings by about 550,000 shares, and ARK increased its holdings by about 5.8% to 2.51 million shares.
Robinhood was cut down by about 12.8%.
It is worth mentioning that ARK's Circle weight dropped from about 3.34% in Q1 to 1.85%, but the number of shares actually increased slightly.
The decline in weight is mainly a dilution of the new SpaceX warehouse after expanding the portfolio.
Furthermore, after Morgan Stanley significantly increased its position on Circle in the second quarter,
The target price of CRCL was cut from $106 to $38 in early August.
Believing that the USDC contraction revealed the sensitivity of Circle's reserve revenue,
This means that the revenue structure will be skewed towards transaction revenue with lower profit margins.
New money enters the market for the first time, and old money stands still
In the second quarter, Spain's Santander Bank disclosed its Bitcoin and Ethereum ETF holdings for the first time.
However, positions account for a small share of the US stock market, which exceeds 10 billion US dollars.
UBS's crypto exposure is also rising quarter by quarter, and it also added a position of about 1.5 million US dollars in mining company American Bitcoin this quarter.
Morgan Stanley also built a new Grayscale Solana staking ETF and Fidelity Solana Fund in the second quarter.
The market capitalization is approximately $4.25 million and $2.26 million, respectively; J.P. Morgan Chase has also built a new Bitwise Solana staked ETF.
They also bought back XRP from Q1 clearance and opened a small position through Bitwise and Grayscale's XRP funds.
Additionally, investment advisory firm Edelman Financial Engines revealed that it holds approximately $34 million in spot Bitcoin ETF positions.
Mainly deployed on BlackRock iShares Bitcoin Trust (IBIT) and grayscale related products.
Although the size of this position is still small in its overall investment portfolio, it has surpassed its Amazon position of approximately $25 million.
Abu Dhabi's Mubadala and the Abu Dhabi Investment Commission maintained about 14.722,900 shares and 8.218,700 IBIT shares, respectively, unchanged.
A total of about US$764 million. Previously, the pace of increasing positions for several consecutive quarters was suspended in the second quarter.
IBIT of the Harvard University Endowment Fund holds approximately 3,044,600 shares, or approximately US$101.4 million.
It was no different from the end of the first quarter, ending two consecutive quarters of depreciation.
Meanwhile, its gold products, iShares Gold Trust and SPDR Gold Trust, total about $171.2 million, which has already surpassed Bitcoin.
Signals of changes in institutional encryption configurations
Looking at this season's institutional actions, several directional signals are taking shape.
The first is the decoupling of ETF capital flows from institutional behavior, and the institutionalization of crypto assets is deepening.
Second, institutions are increasingly divided over crypto-related stock targets, especially after Strategy began selling coins.
Furthermore, Ethereum has become a clear purchase on the institutional side, and the flow of funds in the third quarter also followed suit.
According to SosoValue data, the net inflow of the Ethereum ETF in July was about 365 million US dollars, and about 243 million US dollars since August.
The total for two months has exceeded 600 million; the ETH price has risen by about 20% from about 1,570 US dollars at the end of June to around the current level of about 1,900 US dollars.
Even Ethereum treasury company BitMine strengthened at the same time. The stock price rose from about $13.3 to nearly $19 at the end of June, an increase of about 40%.
(This article is not used as a basis for trading)
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