Based on 10 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ETHD 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 62% of 2.2Y high
62% of all-time peak
Only 10 funds hold ETHD today versus a peak of 16 funds at 2025 Q3 — just 62% 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.
🚀
Fast accumulation — +67% more funds vs a year ago
fund count last 6Q
+4 new funds entered over the past year (+67% 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.
🔴
Heavy selling pressure — only 33% buying
5 buying10 selling
Last quarter: 10 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~1 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 11 → 2 → 5 → 1. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
📌
Mixed — 30% long-term, 30% new
■ 30% conviction (2yr+)
■ 40% medium
■ 30% new
Of the 10 current holders: 3 (30%) held >2 years, 4 held 1–2 years, and 3 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.
💰
Value +54% but shares only +25% — price-driven
Last quarter: the total dollar value of institutional holdings rose +54%, but actual share count only changed +25%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
⚠️
Saturation — most institutions already know this story
2 → 11 → 2 → 5 → 1 new funds/Q
New funds entering each quarter: 11 → 2 → 5 → 1. 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.
📊
Mixed cohorts — 0% veterans, 29% new entrants
■ 0% veterans
■ 71% 1-2yr
■ 29% new
Of 14 current holders: 0 (0%) held 2+ years, 10 held 1–2 years, 4 (29%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 9% AUM from top-100
9% from top-100 AUM funds
1 of 9 holders rank in the top 100 by AUM, but together hold only 9% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.