Original | Odaily Planet Daily (@OdailyChina)
Author | Golem (@web3_golem)
The bull is back. At around midnight ET on August 20, the positive impact of former President Trump's speech at a cryptocurrency industry executives gathering at the White House pushed Bitcoin above $70,000, with a 24-hour gain exceeding 10% (related reading: What Did Trump Say on the Night Cryptocurrency Soared?). The return of the "Crypto President" signals the end of Bitcoin's dreary period. After today, many retail investors are likely to shift more attention and capital from AI stocks back to the crypto market.
However, traditional financial institutions and major asset managers, always "one step ahead," had already completed their Bitcoin accumulation and positioning before the Trump-induced rally. According to 13F quarterly reports disclosed by various institutions, during the second quarter of 2026, despite Bitcoin falling 14%, institutional holdings increased by 7.5%, indicating that institutions were consistently increasing their exposure to Bitcoin even before the market sentiment turned positive.
Which institutions have quietly increased their Bitcoin exposure? Will we see Bitcoin below $65,000 again, and has the bear market bottom been established? Odaily Planet Daily will, in this article, compile a list of institutions that reported increased Bitcoin exposure in their 13F filings, along with their views on Bitcoin's subsequent price movements.
Institutions Increasing Bitcoin Exposure
The primary avenues for institutions to increase their Bitcoin exposure are through Bitcoin spot ETFs and stocks of Bitcoin treasury companies.
Institutional Bitcoin ETF Holdings Increased by 7.5% in Q2 2026
Looking at the overall data first, according to statistics by Bitcoin analyst Root, in the second quarter of 2026, total ETF holdings decreased from 1,297,010 BTC to 1,211,322 BTC, a drop of 6.6%. However, institutional holdings increased from 498,389 BTC to 535,723 BTC, a growth of 7.5%. The share of institutional holdings rose from 38.4% to 44.2%, reaching a historical high. This indicates that while retail investors significantly reduced their Bitcoin ETF positions during the unfavorable crypto market conditions, institutions were steadily accumulating positions at the bottom.
However, not all institutions increased their Bitcoin ETF holdings; the increase was concentrated among leading institutions. According to statistics, overall, the number of institutions holding Bitcoin decreased from about 2,000 in Q1 to nearly 1,900 in Q2, a drop of approximately 6.8%. Yet, among the top 25 institutional Bitcoin ETF holders, 17 increased their holdings in Q2.
This shows that for most institutions, holding Bitcoin firmly through a bear market is quite challenging. Nevertheless, according to Root's statistics, in Q2 2026, 9 institutions initiated positions exceeding 100 Bitcoins in value for the first time.
Below, Odaily Planet Daily will highlight some leading institutions that reported increased Bitcoin exposure in their 13F filings.
Jane Street: Bitcoin ETF Exposure Increased by Approximately $600 Million, Added Over $200 Million in MSTR
As of June 30, Jane Street disclosed total Bitcoin spot ETF holdings valued at approximately $990 million, of which BlackRock's Bitcoin ETF IBIT amounted to $828 million, about 24.9 million shares. In Q1 2026, Jane Street disclosed Bitcoin spot ETF holdings totaling only $225 million, about 5.9 million shares. Compared to Q1, Jane Street's Bitcoin ETF exposure increased by about $600 million in Q2.
Additionally, Jane Street significantly increased its holdings of MicroStrategy (MSTR) shares, rising from 209,833 shares (valued at about $26.2 million) in Q1 to 2,677,622 shares (valued at about $232.76 million) in Q2. This represents an addition of approximately 2,467,789 shares, an increase of about 1,176%, with a value exceeding $200 million.
In summary, in Q2 2026, Jane Street increased its Bitcoin exposure by over $800 million.
However, it's important to note that Jane Street's situation differs from that of typical asset management institutions. 13F filings only disclose long equity positions (excluding options, short positions, etc.). As a typical quantitative trading/market-making firm, Jane Street may hold short positions in Bitcoin ETFs and MSTR. Therefore, its actual Bitcoin exposure might deviate. Even though its long positions cannot be simply interpreted as long-term directional bets, the scale is still quite remarkable.
BlackRock: Bitcoin Exposure Increased by Approximately $290 Million in Q2
In the second quarter, BlackRock increased its investments in three Bitcoin-related assets: MicroStrategy (MSTR), IBIT, and Strive (ASST).
BlackRock raised its MSTR holdings from about 17.75 million shares to 19,394,284 shares (valued at $1.69 billion) in Q2, an increase of 1,640,399 shares (valued at approximately $238 million) , representing a quarter-on-quarter growth of 9.24%. (Odaily Planet Daily Note: The statistics differ from Jane Street's; this article primarily uses data disclosed in 13F filings.)
Secondly, BlackRock also increased its holdings of its own Bitcoin spot ETF, IBIT, adding 1,024,742 shares (valued at about $41.7 million), with total holdings at the end of Q2 being 15,034,046 shares, valued at approximately $500 million. Finally, BlackRock increased its holdings of Bitcoin treasury company Strive (ASST) stock. ASST holdings increased by 1,636,854 shares (valued at about $17.86 million), a 45.1% increase. Total holdings at the end of Q2 were 5.266 million shares, valued at $57.5 million. Strive currently holds over 20,000 Bitcoins.
In summary, BlackRock's Bitcoin exposure increased by approximately $290 million in Q2.
JPMorgan Chase: Added $85.6 Million Worth of IBIT
JPMorgan Chase primarily increased its holdings of BlackRock's Bitcoin spot ETF IBIT in Q2. IBIT holdings increased by 2,104,944 shares (valued at about $85.6 million), a 25.35% increase, growing from 8,302,691 shares in Q1 to 10,407,635 shares, with a total holding value of about $356 million.
UBS Group: IBIT Call Option Exposure Grew 24-Fold in Q2
In Q2, UBS Group's direct shareholding in IBIT also grew by 12%, reaching 407,890 shares (valued at about $13.6 million). The increase in direct holdings was relatively modest. Although still below the level at the end of 2025 (about 540,000 shares), being higher than the Q1 2026 level (364,000 shares) indicates a rising preference for Bitcoin allocation.
Compared to direct holdings, UBS Group's IBIT call option exposure increased 24-fold in Q2, surging from about 80,000 shares to 1.95 million shares, while put option exposure decreased by about 53%, from approximately 303,000 shares to about 143,000 shares.
This already shows UBS Group's clear bullish倾向 (increasing buying rights, reducing selling rights). However, 13F filings do not disclose strike prices, expiration dates, or actual costs, and positions may include client business, market-making, or hedging activities, so they do not necessarily represent purely proprietary directional bets.
Wall Street Legendary Hedge Fund Manager Paul Tudor Jones: Ended the Trend of Continuously Reducing IBIT Holdings Since 2025
Tudor Investment, the hedge fund under legendary Wall Street manager Paul Tudor Jones, also increased its holdings of IBIT in Q2 2026. Total holdings at the end of Q2 were 688,529 shares (valued at $22.9 million), an increase of 109,446 shares (valued at about $4.45 million) compared to the 579,083 shares reported last quarter, representing an 18.9% increase.
Although the absolute amount of the increase is small, this ended Paul Tudor Jones's trend of continuously reducing IBIT holdings since 2025, possibly indicating an optimistic wait-and-see attitude towards Bitcoin's subsequent performance. At its peak in Q4 2024, Tudor Investment held over 8 million shares of IBIT, valued at approximately $427 million. Current holdings are still about 91% lower than the peak.
Harvard University Endowment: Stopped Reducing Bitcoin Spot ETF Holdings
The 13F filing submitted by Harvard University Endowment shows that as of the end of Q2, its holdings of Bitcoin spot ETF IBIT remained unchanged at 3,044,612 shares, with a market value of approximately $101.4 million at the end of Q2.
The Harvard University Endowment had reduced its IBIT holdings for two consecutive quarters prior. The peak in Q3 2025 was about 6.81 million shares (valued at approximately $443 million). It reduced holdings by 21% in Q4 2025 and by another approximately 43% in Q1 2026, bringing it down to the current level. Although it did not increase Bitcoin exposure this time, ending the previous two consecutive quarters of reduction can still be interpreted as an optimistic wait-and-see stance.
What Do Institutions Think: Has Bitcoin Bottomed?
Current institutional views on Bitcoin's subsequent trajectory can be broadly divided into "the bear market is over" and "the bottom has not been reached yet."
The Bear Market Is Over Camp
With Bitcoin breaking through the $70,000 mark today, Wang Chun, co-founder of Bitcoin mining pool F2Pool, referenced his own tweet from January 28, 2023, expressing "missing the bear market" on platform X, stating, "The bear market is over."
Compared to Wang Chun's "concise" statement, Strive CEO Matt Cole provided more detailed reasoning. He believes Bitcoin is entering a historically favorable upward environment because the U.S. Dollar Index has been in a structural downtrend and may be approaching a more substantial downward phase. Therefore, the next 5 to 7 years could become one of the most favorable macro environments in Bitcoin's history. Matt Cole also stated that Bitcoin's current price is relatively low from a historical perspective, and Strive is willing to take risks to continue buying Bitcoin at these levels.
Standard Chartered is bullish on Bitcoin hitting $100,000 by year-end. Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, stated that as the U.S. Treasury expands liquidity support for the long-term bond market, Bitcoin could rise to $100,000 before the end of 2026. He mentioned that the key technical resistance level for Bitcoin is currently $65,500. If the price breaks through this level, it might indicate that the low for this market cycle has been formed.
The latest report from 10x Research also pointed out that after months of narrow-range consolidation, Bitcoin has ushered in a breakout. The report stated that its most favored strategy this month is buying call options with a strike price of $70,000. This option was as low as about $300 on August 5, dropped to $30 three days ago, then surged to a high of $1,600, currently trading around $1,300.
10x Research also suggested that a better trading strategy is a call spread with September expiry and strike prices of $70,000/$80,000. This structure is more bullish while also retaining some flexibility.
Bitcoin Has Not Bottomed Yet Camp
Even with Bitcoin breaking $70,000, some cautious institutions still believe Bitcoin has not bottomed.
At the SALT conference held in Jackson Hole, Wyoming, CZ stated that Bitcoin's "super cycle" has not yet materialized, and the market is still in a bear market phase, following the relatively strict four-year cycle pattern. However, CZ acknowledged that the current period is the most favorable industry environment in his 12 years in the sector.
CryptoQuant analyst Darkfost believes that current Bitcoin retail demand is near its highest level in the past two years. Historical data shows a clear correlation between rising retail demand and local Bitcoin highs. Therefore, Darkfost thinks this may reflect retail investors' "impatience," requiring increased sensitivity to Bitcoin's volatility. Adam from Greeks.live Research also comforted investors who missed this Bitcoin rally, stating that after Bitcoin broke $70,000, implied volatility remains at 32%. Currently, there is ample capital from sellers, and buyers still have many trading opportunities.
The latest report from crypto asset management firm VanEck shows that while Bitcoin is currently emitting "capitulation signals" similar to the end of historical bear markets, data suggests the market bottom has not been fully confirmed. The report states that out of the 12 Bitcoin market capitulation indicators tracked, 8 have entered extreme territory. These indicators primarily measure market stress factors such as Bitcoin price drawdowns, miner profitability, and the proportion of holders at a loss.
However, historical performance does not show that these signals mean a short-term bottom has formed. VanEck data shows that when 8 to 12 indicators were triggered simultaneously in history, Bitcoin's average return over the next 90 days was about 12.8%, and about 32% over 180 days, both below Bitcoin's long-term averages (15.2% for 90 days, 36.3% for 180 days). The relevant signals only show relative advantages over a one-year cycle, thus cannot guide long-cycle operations.
Glassnode also believes that Bitcoin's on-chain structure remains in a "capitulation phase." The cost basis for Bitcoin short-term holders has dropped to about $68,500, below the realized market mean of approximately $75,800. Meanwhile, the peak relative unrealized loss this cycle was about 25%, significantly lower than the over 60% levels seen in previous capitulation phases. This means the extent of losses this cycle is relatively shallower but more widely distributed, potentially requiring more time to complete the sell-off.
Glassnode emphasizes that any price rebound at present should be viewed more as a local rally rather than a fundamental shift in market trend.
