Based on 52 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their BTCO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 81% of 3.0Y peak
81% of all-time peak
52 funds currently hold this stock — 81% of the 3.0-year high of 64 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 7% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold BTCO compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 43% buying
23 buying31 selling
Last quarter: 31 funds reduced or exited vs 23 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
📈
More new buyers each quarter (+6 vs last Q)
new funds entering per quarter
Funds opening a new BTCO position: 13 → 11 → 8 → 14. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔄
Mostly new holders — 35% entered in last year
■ 21% conviction (2yr+)
■ 44% medium
■ 35% new
Only 11 funds (21%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
➡️
Steady discovery — ~14 new funds/quarter
16 → 13 → 11 → 8 → 14 new funds/Q
New funds entering each quarter: 13 → 11 → 8 → 14. Consistent flow of new institutional buyers without clear acceleration or slowdown.
📊
Mixed cohorts — 13% veterans, 42% new entrants
■ 13% veterans
■ 45% 1-2yr
■ 42% new
Of 53 current holders: 7 (13%) held 2+ years, 24 held 1–2 years, 22 (42%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 20% AUM from major funds
20% from top-100 AUM funds
9 of 51 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.