Latest "battle situation" of encryption ETF: 12 institutions have invested 15.8 billion USD, BlackRock has attracted more than 90% of the funds, and many ETFs have lagged behind.

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 indicate 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 fund allocations, while other institutions' ETFs have performed relatively sluggishly.

The capital flow of spot ETFs shows significant divergence, with BlackRock capturing large inflows.

In the second quarter of this year, Bitcoin and Ethereum spot ETFs in the United States performed strongly overall, but capital inflows were highly concentrated, while long-tail ETFs performed 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 inflow was almost monopolized by one fund.

BlackRock's IBIT attracted $12.45 billion in a single quarter, accounting for nearly 96.8% of the total market net inflow, while its stock price rose by 23.1%. In comparison, other institutions performed poorly, with Fidelity's FBTC recording a net inflow of about $490 million and a stock price increase of approximately 23.15%; Grayscale's mini BTC saw inflows exceeding $330 million with a stock price increase of 22.9%; Bitwise's BITB had over $160 million in inflows and a stock price rise of 23%; VanEck's HODL recorded net inflows of less than $150 million and a stock price increase of about 23.1%; the remaining seven products (such as Grayscale's GBTC and ARK Invest's ARKB) generally experienced net outflows.

Ethereum spot ETFs have also performed remarkably well. According to SoSoValue data, nine Ethereum spot ETFs have seen a cumulative net inflow of over $1.79 billion this quarter, with an average monthly inflow of over $590 million.

Among them, BlackRock's ETHA remains the main recipient of funds, with a net inflow of nearly $1.45 billion, and its stock price increased by 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 a net inflow of over $160 million, with a stock price increase of 34.7%; Bitwise's ETHW had a net inflow of about $33.27 million, with its stock price rising by 36.37%; VanEck's ETHV received $5.81 million in fund inflows, with a stock price increase of 34.76%; Grayscale's ETHE had a net outflow of over $130 million, with a stock price increase of 34.26% for the quarter; Franklin's EZET received about $6.32 million in net inflows, with a stock price increase of approximately 34.61%; 21Shares' CETH saw an inflow of $8.14 million, with a stock price increase of 34.63%; Invesco's QETH had a net inflow of $3.37 million, with a stock price increase of about 33.6%.

The total positions of 12 firms reached 15.8 billion USD, with BlackRock products becoming the top choice.

PANews summarized the Bitcoin/Ethereum spot ETF holdings of 12 listed companies in Q2. These institutions generally increased their allocation to Bitcoin and Ethereum ETFs during the quarter, with total holdings amounting to approximately $15.8 billion, accounting for about one-tenth of the total market value of all Bitcoin ETFs, while also strengthening risk management and optimizing returns through call/put options.

Among them, in terms of Bitcoin spot ETFs, IBIT and FBTC are key targets for institutions, with most institutions such as Goldman Sachs, Jane Street, Haida International, and Millennium Management significantly increasing their holdings; while ARKB has seen explosive increases in some institutions, such as Haida International and Schonfeld Strategic Advisors. Regarding Ethereum ETFs, ETHA has become the preferred target for various institutions, with Goldman Sachs, Millennium Management, and Capula Management all significantly increasing their positions in the second quarter. FETH has also been increased by several institutions, but the scale and growth rate are relatively smaller compared to ETHA, while most other Ethereum ETFs have largely "fallen behind."

Goldman Sachs: Spot holdings exceed $2.7 billion, ETHA increased by 283%

As of the second quarter of 2025, Goldman Sachs has increased its investment in cryptocurrency ETFs, with its spot holdings exceeding $2.7 billion, particularly notable is the increase in Ethereum-related products. Specifically, Goldman Sachs has slightly increased its holdings in IBIT this quarter, with holdings exceeding $1.568 billion, and holds over $1.25 billion in IBIT call and put options; at the same time, the institution has also increased its holdings in FBTC, with a holding value exceeding $430 million, and reduced the corresponding put options.

As for the Ethereum spot ETF, Goldman Sachs significantly increased its holdings in ETHA, with the number of shares rising by 283% month-on-month, and the position value exceeding $474 million, along with newly added call options valued at over $14.3 million; not only that, it also slightly increased its holdings of about 1.95 million shares of FETH, reaching a position value of $246 million.

Brevan Howard: Spot positions are close to $2.3 billion, significantly increasing holdings in IBIT.

Brevan Howard is one of the largest macro hedge funds in the world. As of Q2 2025, Brevan Howard holds over 3,750 shares of BlackRock IBIT (valued at approximately $2.296 billion), having increased its holdings by over 15.9 million shares from the first quarter, a growth of 74%. Additionally, Brevan Howard also added $400,000 worth of IBIT put options this quarter to hedge against potential risks. Furthermore, the firm increased its holdings of over 43,000 shares of BlackRock ETHA in the second quarter, valued at approximately $806,000.

Jane Street: Major increase in holdings of IBIT and ETHA, dual layout in spot and options.

In the second quarter of 2025, the globally renowned quantitative trading firm Jane Street significantly increased its spot allocation in multiple Bitcoin/Ethereum spot ETFs, with a total position size exceeding $2.2 billion, and enhanced returns and risk management through volatility trading and hedging, with the position size primarily centered around BlackRock's ETF products.

In terms of Bitcoin spot ETFs, Jane Street held 23.967 million shares of IBIT (worth approximately $1.467 billion) this quarter, an increase of 268% from Q1. At the same time, it significantly increased its exposure to both call and put options for IBIT, with the total value of related options holdings rising to $1.78 billion. ARKB held 11.43 million shares (worth approximately $409 million), a quarter-over-quarter increase of 128%, and simultaneously expanded its call and put options for ARKB. GBTC held 1.02 million shares (worth approximately $86.55 million), with a quarter-over-quarter increase of 219%, while also holding about $24 million in related call and put options. BITO's holdings were valued at over $53.74 million, with shares increasing by 232% from Q1. It also newly acquired 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 worth over $130 million in the second quarter, increasing its position by more than 3.78 million shares compared to the first quarter, and also adding related call and put options worth over $42 million; the holding size of FETH reached $47.37 million, a quarter-over-quarter increase of 36%. In addition, the holdings of ETHE, ETH, EZET, and QETH are all around several million dollars, while ETHW and CETH have been significantly reduced or even completely liquidated.

Haina International Group: Heavily invested in IBIT and FBTC, aggressively building positions in Ethereum ETF

As of the second quarter of 2025, Haina International Group holds a Bitcoin/Ethereum spot ETF valued at nearly $1.5 billion and has increased its options scale to manage volatility risk.

Among them, Haina International holds IBIT worth over $680 million, as well as call options worth up to $1.56 billion and put options worth $750 million; FBTC's position size exceeds $310 million, while it has allocated nearly $950 million in call and put options; ARKB's holdings have increased to $357 million, with a quarter-on-quarter surge in shareholding of 4565%, making it the most significant increase in holdings; BITB's shareholding has also grown by 1093% quarter-on-quarter, with a holding value of about $100 million; and it also holds several thousand dollars worth of Grayscale GBTC and BTC, along with several million dollars in BTCW and HODL.

In terms of Ethereum spot ETFs, Haina International holds ETHA worth $17.9 million and has added call and put options worth over $84 million; Grayscale's ETH holdings increased by 588% quarter-on-quarter, with a position size of approximately $23.27 million. Additionally, the institution has expanded and added spot and options positions for products such as FETH, FETH, and ETHW, worth mostly millions of dollars.

Horizon Kinetics Asset Management: Bitcoin ETF as a core allocation, position changes are not significant.

Horizon Kinetics Asset Management's crypto ETF position is valued at over $1.43 billion, with Bitcoin ETF as the main allocation. In the second quarter, Horizon Kinetics slightly reduced its holdings in GBTC, with a remaining position of over $1.23 billion, and holds $146 million in Grayscale BTC, with the number of shares unchanged from the previous quarter; meanwhile, the IBIT position expanded to $58.88 million, with a quarter-on-quarter increase in shares of about 11%; there were no significant changes in the HODL and FBTC positions, with asset values in the hundreds of thousands of dollars. Additionally, the institution also holds a small amount of Grayscale's ETHE and ETH.

Schonfeld Strategic Advisors: Total holdings value exceeds 1.1 billion USD, significantly increased holding in ARKB.

Multi-strategy hedge fund management company Schonfeld Strategic Advisors continued to increase its holdings in Bitcoin and Ethereum-related funds in the second quarter, with a total portfolio value of approximately $1.12 billion.

In terms of Bitcoin spot ETFs, Schonfeld Strategic Advisors holds over $437 million in FBTC, with a slight increase in the number of shares held compared to the previous period; IBIT's position has increased to approximately $347 million, and it has added $1.53 million in call options; ARKB's number of shares held has surged by 1228% compared to the previous period, with a holding value close to $120 million; BITB's position value has expanded to $113 million, and it holds approximately $530,000 in GBTC.

At the same time, the institution increased its holdings by approximately 1.68 million shares of ETHA this quarter, with a position value of 84.45 million USD; it opened a new position of 500,000 shares of ETHW, valued at about 9.03 million USD; the number of FETH shares remained unchanged from the previous quarter, valued at approximately 4.04 million USD.

Avenir Group: IBIT holdings exceed $1 billion, ranking first among institutional investors in Asia.

Avenir Group is a family office founded by Li Lin. As of the second quarter of this year, Avenir Group holds over $1.01 billion in IBIT, with a quarter-on-quarter increase of 12%, ranking first among institutional investors in Asia, and has added approximately $12.2 million in call options; the position size of FBTC is about $5.51 million.

Millennium Management: IBIT accounts for more than half, increasing Ethereum ETF allocation

As of the second quarter of 2025, global alternative investment management firm Millennium Management holds over $940 million in crypto ETFs, primarily consisting of Bitcoin spot ETFs.

Among them, Millennium Management holds IBiT worth over $488 million, with a 22% increase in the number of shares compared to Q1, and also holds call and put options worth over $28 million; the position size of FBTC remains largely unchanged from the previous quarter, with an asset value of $160 million; BITB has slightly reduced its position, with a position value close to $45.3 million; ARKB holds approximately $38 million, with a quarter-on-quarter increase in the number of shares by 207%; Grayscale BTC and GBTC have position values of nearly $30 million and $196 million, respectively.

In terms of Ethereum spot ETFs, Millennium Management increased its holdings by over 5.8 million shares of ETHA in Q2, worth over $110 million; Grayscale's ETH holdings also grew by 103% quarter-on-quarter, reaching a value of $58.85 million; FETH also saw a significant increase in holdings, with a value of approximately $10.52 million; the position in ETHW remained unchanged from the previous quarter, with asset value rising to around $2.6 million.

Capula Management: Total holdings exceed 800 million USD, with IBIT accounting for the majority.

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), a quarter-over-quarter increase of 23%. At the same time, the institution holds approximately $140 million in FBTC, but this represents a significant decrease of 65% compared to Q1.

In terms of Ethereum spot ETFs, Capula Management has expanded its related allocation scale this quarter, with ETHA holdings surging by 196% to 5.35 million shares, worth over $100 million; while FETH holdings slightly increased to about $45.21 million.

Symmetrical Capital: Only holds over $680 million in IBIT, with a slight increase in position in the second quarter.

Symmetry Investments is a hedge fund company based in Hong Kong, focusing on fixed income arbitrage and global macro strategies. In the second quarter of 2025, Symmetry Investments increased its holdings in IBIT by approximately 4% compared to the previous quarter, with a total of over 11.23 million shares, corresponding to a value exceeding $688 million.

Mubadala Investment: Maintain IBIT position unchanged

Mubadala Investment is a sovereign investment institution with a global asset management scale of over $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 rise in IBIT's stock price, the value of its holdings increased to approximately $534 million.

Sculptor Capita: Total position value exceeds 500 million USD, significantly increased holding in IBIT

Global alternative asset management firm Sculptor Capital held over $500 million in Bitcoin spot ETFs in Q2. Specifically, the institution significantly increased its position in IBIT this quarter, with a 60% quarter-over-quarter increase in shares held, valued at over $270 million. At the same time, the institution also held over $200 million and $21.52 million in FBTC and BITB, with no changes in the number of shares compared to Q1.