Based on 7 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their ZK positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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Below peak — only 10% of 2.5Y high
10% of all-time peak
Only 7 funds hold ZK today versus a peak of 73 funds at 2025 Q2 — just 10% 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 — 87% fewer funds vs a year ago
fund count last 6Q
48 fewer hedge funds hold ZK compared to a year ago (-87% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 7% buying
5 buying65 selling
Last quarter: 65 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
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Fewer new buyers each quarter (-13 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 24 → 26 → 16 → 3. 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.
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Mostly new holders — 57% entered in last year
■ 14% conviction (2yr+)
■ 29% medium
■ 57% new
Only 1 funds (14%) 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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Saturation — most institutions already know this story
27 → 24 → 26 → 16 → 3 new funds/Q
New funds entering each quarter: 24 → 26 → 16 → 3. 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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Early stage — 71% of holders entered in last year
■ 14% veterans
■ 14% 1-2yr
■ 71% new
Of 7 current holders: 5 (71%) entered in the past year, only 1 (14%) 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.
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Smaller funds dominant — 0% AUM from top-100
0% from top-100 AUM funds
1 of 7 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.
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.