Odaily News Bitwise CIO Matt Hougan recently shared some of his initial thoughts on X after reviewing the 13-F filings related to the Q2 Bitcoin ETF: "1. There are still institutions entering the market, and the number of 13-F filings has increased: there are 1,924 holders of all 10 ETFs <> ETF pairs, higher than 1,479 in Q1, an increase of 30%; considering the fall in Bitcoin prices in Q2, this performance is good; Of course, this does not mean that 1,924 institutions own Bitcoin ETFs; some investors report holding multiple ETFs. But this "double counting" also applies to Q1 and Q2 data, so the percentage increase is still very convincing. My conclusion is: institutional investors continued to adopt Bitcoin ETFs in Q2, and this trend has not changed. 2. Institutional investors are (mostly) diamond hands: Most institutional investors who allocated in Q1 held or purchased more ETF shares this spring. Among the Q1 filers, 44% of them added Bitcoin ETFs in Q2. 3. Hedge Funds Remain Important Players: Looking at the largest holders of most ETFs, you’ll find a lot of major hedge funds: Millennium, Schonfeld, Boothbay, Capula, etc., but there are also a large number of advisors, family offices, and select institutional investors. My conclusion: ETFs are a big tent that attracts a wide variety of investors. It’s nice to see Millennium’s holdings in these ETF files rival those of Wisconsin. Over time, I expect to see wealth managers and pensions take a larger and larger share.”