Based on 15 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 4 quarters in a row
For 4 consecutive quarters, more hedge funds reduced or closed their DYLD positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻
Below peak — only 60% of 3.0Y high
60% of all-time peak
Only 15 funds hold DYLD today versus a peak of 25 funds at 2023 Q3 — just 60% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Outflows — 35% fewer funds vs a year ago
fund count last 6Q
8 fewer hedge funds hold DYLD compared to a year ago (-35% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 24% buying
4 buying13 selling
Last quarter: 13 funds sold vs only 4 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 1 → 3 → 1 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
80% of holders stayed for 2+ years
■ 80% conviction (2yr+)
■ 13% medium
■ 7% new
12 out of 15 hedge funds have held DYLD for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Buying through price weakness — shares -4%, value -42%
Last quarter: funds added -4% more shares while total portfolio value only changed -42%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📊
Peak discovery — momentum slowing
4 → 1 → 3 → 1 → 2 new funds/Q
New funds entering each quarter: 1 → 3 → 1 → 2. DYLD is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Veteran-anchored — 80% veterans vs 7% newcomers
■ 80% veterans
■ 13% 1-2yr
■ 7% new
Entry-cohort mix of 15 holders: 12 (80%) are 2+ year veterans, 2 entered 1–2 years ago, and 1 (7%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆
Elite ownership — 88% AUM from top-100 funds
88% from top-100 AUM funds
6 of 14 holders are among the 100 largest funds by AUM, controlling 88% of total institutional value in DYLD. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.