Based on 70 hedge funds · latest filing: 2026 Q2 · updated quarterly
📈
Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added USD 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.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
70 hedge funds hold USD right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +37% more funds vs a year ago
fund count last 6Q
+19 new funds entered over the past year (+37% 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.
🟡
Slight buying edge — 55% buying
37 buying30 selling
Last quarter: 37 funds bought or added vs 30 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.
📈
More new buyers each quarter (+8 vs last Q)
new funds entering per quarter
Funds opening a new USD position: 17 → 14 → 12 → 20. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
📌
Mixed — 34% long-term, 36% new
■ 34% conviction (2yr+)
■ 30% medium
■ 36% new
Of the 70 current holders: 24 (34%) held >2 years, 21 held 1–2 years, and 25 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.
💰
Price up while funds trimmed (+121% value, -28% shares)
Last quarter: total value of institutional USD holdings rose +121% even though funds reduced share count by 28%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
➡️
Steady discovery — ~20 new funds/quarter
19 → 17 → 14 → 12 → 20 new funds/Q
New funds entering each quarter: 17 → 14 → 12 → 20. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 45% veterans vs 42% newcomers
■ 45% veterans
■ 13% 1-2yr
■ 42% new
Entry-cohort mix of 78 holders: 35 (45%) are 2+ year veterans, 10 entered 1–2 years ago, and 33 (42%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋
Smaller funds dominant — 2% AUM from top-100
2% from top-100 AUM funds
9 of 69 holders rank in the top 100 by AUM, but together hold only 2% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.