Based on 51 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BTCS 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 — 89% of 3.0Y peak
89% of all-time peak
51 funds currently hold this stock — 89% of the 3.0-year high of 57 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +122% more funds vs a year ago
fund count last 6Q
+28 new funds entered over the past year (+122% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟠
More sellers than buyers — 45% buying
29 buying35 selling
Last quarter: 35 funds reduced or exited vs 29 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.
⚠️
Fewer new buyers each quarter (-8 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 11 → 22 → 22 → 14. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
📌
Mixed — 29% long-term, 47% new
■ 29% conviction (2yr+)
■ 24% medium
■ 47% new
Of the 51 current holders: 15 (29%) held >2 years, 12 held 1–2 years, and 24 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.
💎
Buying through price weakness — shares -1%, value -48%
Last quarter: funds added -1% more shares while total portfolio value only changed -48%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~14 new funds/quarter
6 → 11 → 22 → 22 → 14 new funds/Q
New funds entering each quarter: 11 → 22 → 22 → 14. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 57% of holders entered in last year
■ 36% veterans
■ 7% 1-2yr
■ 57% new
Of 56 current holders: 32 (57%) entered in the past year, only 20 (36%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
🏆
Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
16 of 51 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in BTCS. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
5.3
out of 10
Moderate Exit Risk
Exit risk score 5.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.