Based on 27 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their ETHV 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 — 84% of 1.5Y peak
84% of all-time peak
27 funds currently hold this stock — 84% of the 1.5-year high of 32 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +145% more funds vs a year ago
fund count last 6Q
+16 new funds entered over the past year (+145% 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. The peak was reached in just 2 quarters from the low — a sharp move.
🟠
More sellers than buyers — 49% buying
17 buying18 selling
Last quarter: 18 funds reduced or exited vs 17 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 (-19 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 2 → 1 → 26 → 7. 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.
🔄
Mostly new holders — 85% entered in last year
■ 0% conviction (2yr+)
■ 15% medium
■ 85% new
Only 0 funds (0%) 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 — ~7 new funds/quarter
3 → 2 → 1 → 26 → 7 new funds/Q
New funds entering each quarter: 2 → 1 → 26 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🌱
Early stage — 81% of holders entered in last year
■ 0% veterans
■ 19% 1-2yr
■ 81% new
Of 27 current holders: 22 (81%) entered in the past year, only 0 (0%) 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.
📋
Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
2 of 27 holders rank in the top 100 by AUM, but together hold only 0% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
6.4
out of 10
Moderate Exit Risk
Exit risk score 6.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.