Author: Bitcoin Strategy
Translation: TechFlow
TechFlow Insight: Bitcoin fell 14% in Q2, yet institutional 13F holdings increased by 7.5%. Smart money continued to accumulate at the bottom. Wells Fargo and JPMorgan Chase each added over 10,000 BTC in a single quarter, with Abu Dhabi's sovereign fund also following suit. This indicates institutions view current prices as an entry point, providing an important reference for judging the market bottom.
Dear Bitcoin holders,
In this week's Roxom "State of the Bitcoin Market" program, I discussed price action. I categorize this cycle as the institutional adoption and maturity cycle, with the primary catalyst being ETF approval.
We have repeatedly discussed that the main entry points for institutional adoption are ETFs and vault companies.
This is why Bitcoin Strategy publishes a quarterly institutional adoption report based on the latest institutional ETF holdings. The data comes from SEC 13F filings, which are required for institutions managing over $100 million in assets—the so-called "smart money."
Yesterday was the deadline, and the latest data for institutional ETF holdings in the second quarter of 2026 has been released.
In today's briefing, we will discuss the latest insights from these filings, which serve as a proxy indicator for institutional Bitcoin adoption. Let's dive right in!
Institutional Adoption Report: Q2 2026

👉 Key Insight: In Q2, the Bitcoin price fell 14.2%, while institutional holdings increased 7.5%. This bullish divergence indicates that institutions continued to accumulate during Bitcoin's bottom formation.
Institutional Share of ETF Holdings

Total ETF holdings decreased from 1,297,010 BTC to 1,211,322 BTC, down 6.6%; while institutional holdings increased from 498,389 BTC to 535,723 BTC, up 7.5%.
👉 Key Insight: Despite the decline in total ETF holdings, institutions increased their positions. The institutional share rose from 38.4% to 44.2%, reaching a new all-time high!
Top 25 ETF Holders
Below are the top 25 institutional Bitcoin ETF holders.

👇 Key Insights:
Seventeen of them increased their positions this quarter.
Both Wells Fargo and JPMorgan Chase added over 10,000 BTC each.
Abu Dhabi's sovereign wealth fund increased its position.
New Entrants
Below is a list of new entrants who initiated positions of 100 BTC or more for the first time.

The most notable is Ameriprise, a mainstream U.S. wealth management and financial services firm 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 integrated into traditional wealth management through financial advisors. This is a very positive development.
Other new entrants are primarily hedge funds and investment management firms, with Context Capital Management and Compass Rose Asset Management making the largest new allocations at $191 million and $122 million, respectively. While the names may not be as prominent, these are still substantial new positions and a positive sign of continued institutional adoption growth.
Number of Institutions

The number of institutions reporting Bitcoin holdings via 13F filings decreased from approximately 2,000 in Q1 to nearly 1,900 in Q2, a decline of 6.8%.
This indicates the bear market is still quite brutal. Despite the overall increase in institutional holdings, some institutions were still forced out or became fearful.
Conclusion
This institutional data truly exceeded my expectations. Given the bear market phase and price action, I did not anticipate seeing such significant growth. Total institutional holdings have nearly surpassed the numbers we saw at the cycle peak.
This confirms that institutions view current prices as an attractive entry point. Combined with the recovery following recent digital credit stress tests, the possibility of a rebound has increased.
I hope you can appreciate 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, 🫡







