Based on 13 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ETHD than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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High ownership — 81% of 2.0Y peak
81% of all-time peak
13 funds currently hold this stock — 81% of the 2.0-year high of 16 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Fast accumulation — +86% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+86% 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.
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Slight buying edge — 53% buying
9 buying8 selling
Last quarter: 9 funds bought or added vs 8 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 11 → 2 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 54% entered in last year
■ 23% conviction (2yr+)
■ 23% medium
■ 54% new
Only 3 funds (23%) 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.
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Price up while funds trimmed (+17% value, -15% shares)
Last quarter: total value of institutional ETHD holdings rose +17% even though funds reduced share count by 15%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Saturation — most institutions already know this story
2 → 2 → 11 → 2 → 5 new funds/Q
New funds entering each quarter: 2 → 11 → 2 → 5. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Mixed cohorts — 0% veterans, 50% new entrants
■ 0% veterans
■ 50% 1-2yr
■ 50% new
Of 16 current holders: 0 (0%) held 2+ years, 8 held 1–2 years, 8 (50%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 41% AUM from top-100 funds
41% from top-100 AUM funds
4 of 13 holders are among the 100 largest funds by AUM, controlling 41% of total institutional value in ETHD. 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 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.