Latest crypto ETF update: 12 institutions invest $15.8B, BlackRock captures over 90%, multiple ETFs lag behind
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Latest crypto ETF update: 12 institutions invest $15.8B, BlackRock captures over 90%, multiple ETFs lag behind
The crypto ETF market showed significant divergence in Q2, with BlackRock's products leading capital inflows and institutional holdings becoming increasingly concentrated.
Navigating Web3 tides with focused insightsAuthor: Nancy, PANews
As Bitcoin and Ethereum prices continue to rise, Wall Street is accelerating its control over the pricing power of crypto assets through cryptocurrency ETFs, making them a key barometer for price trends and market sentiment. Recently concluded second-quarter institutional earnings reports show that strong institutional inflows have driven the expansion of crypto ETFs while also intensifying market fragmentation—particularly with BlackRock's products becoming the top choice for new capital allocation, while other firms' ETFs have performed relatively weakly.
Spot ETF capital flows diverge sharply, BlackRock dominates inflows
In the second quarter of this year, U.S. spot Bitcoin and Ethereum ETFs performed strongly overall, but capital inflows were highly concentrated, with long-tail ETFs performing relatively poorly.
Data from SoSoValue shows that 12 related ETFs recorded a total net inflow of $12.8 billion during the quarter—an average monthly inflow of approximately $4.267 billion—but nearly all of the inflows were captured by a single player.
BlackRock's IBIT attracted $12.45 billion in assets during the quarter, accounting for nearly 96.8% of the entire market’s net inflows, with its share price rising 23.1% over the same period. In contrast, other institutions fared poorly: Fidelity's FBTC recorded about $490 million in net inflows, with a share price increase of approximately 23.15%; Grayscale's mini BTC saw inflows exceeding $330 million and a share price gain of 22.9%; Bitwise's BITB attracted over $160 million in inflows, with a 23% share price increase; VanEck's HODL had less than $150 million in net inflows and a share price rise of around 23.1%; the remaining seven products (such as Grayscale GBTC, Ark Invest ARKB, etc.) generally experienced net outflows.
Ethereum spot ETFs also delivered strong performance. According to SoSoValue data, nine Ethereum spot ETFs collectively recorded over $1.79 billion in net inflows during the quarter, averaging more than $590 million per month.
Among them, BlackRock's ETHA remained the primary recipient of capital, with nearly $1.45 billion in net inflows and a share price increase of 11.5%. Fidelity's FETH attracted over $250 million in net inflows, with its share price rising 34.6%. Grayscale's mini ETH recorded over $160 million in net inflows and a share price gain of 34.7%. Bitwise's ETHW had approximately $33.27 million in net inflows and a share price increase of 36.37%. VanEck's ETHV received $5.81 million in inflows, with a share price rise of 34.76%. Grayscale ETHE suffered over $130 million in net outflows but still posted a quarterly share price increase of 34.26%. Franklin's EZET recorded about $6.32 million in net inflows, with a share price increase of approximately 34.61%. 21Shares' CETH attracted $8.14 million in inflows and a share price gain of 34.63%. Invesco's QETH had $3.37 million in net inflows and a share price increase of about 33.6%.
12 firms hold total of $15.8 billion, BlackRock products become top holdings
PANews reviewed the Bitcoin/Ethereum spot ETF holdings of 12 listed companies in Q2. These institutions generally increased their allocations to Bitcoin and Ethereum ETFs during the quarter, accumulating approximately $15.8 billion in holdings—about one-tenth of the total market value of all Bitcoin ETFs—and enhanced risk management and return optimization through call and put options.
In terms of Bitcoin spot ETFs, IBIT and FBTC were the main targets for institutional investment, with most institutions—including Goldman Sachs, Jane Street, Susquehanna International Group, and Millennium Management—significantly increasing their positions. ARKB saw explosive growth in some institutions, such as Susquehanna International and Schonfeld Strategic Advisors. For Ethereum ETFs, ETHA became the preferred choice among institutions, with Goldman Sachs, Millennium Management, and Capula Management notably increasing their stakes in Q2. FETH was also added to by multiple institutions, though on a smaller scale and with lower growth compared to ETHA, while most other Ethereum ETFs largely fell behind.
Goldman Sachs: Spot holdings exceed $2.7 billion, ETHA position up 283%
By the second quarter of 2025, Goldman Sachs had significantly increased its investments in crypto ETFs, with spot holdings surpassing $2.7 billion—especially notable in its aggressive增持 of Ethereum-related products. Specifically, Goldman slightly increased its IBIT position during the quarter, now holding over $1.568 billion worth of shares, along with call and put options valued at over $1.25 billion. The firm also increased its FBTC holdings to over $430 million in value and reduced corresponding put options.
For Ethereum spot ETFs, Goldman substantially increased its ETHA position, with holdings rising 283% quarter-on-quarter to a market value exceeding $474 million, and added call options worth over $14.3 million. Additionally, it modestly increased its FETH holdings by approximately 1.95 million shares, bringing the total value to $246 million.
Brevan Howard: Spot holdings approach $2.3 billion, significantly increases IBIT position
Brevan Howard is one of the world’s largest macro hedge funds. As of Q2 2025, Brevan Howard held over 3,750 shares of BlackRock’s IBIT (worth approximately $2.296 billion), an increase of over 15.9 million shares from Q1, representing a 74% rise. Meanwhile, Brevan Howard added $400,000 worth of IBIT put options during the quarter to hedge potential risks. Additionally, the firm acquired over 43,000 shares of BlackRock’s ETHA in Q2, valued at approximately $806,000.
Jane Street: Mainly increases IBIT and ETHA, dual strategy in spot and options
In the second quarter of 2025, the globally renowned quantitative trading firm Jane Street significantly expanded its spot positions across multiple Bitcoin and Ethereum spot ETFs, with total holdings exceeding $2.2 billion. It strengthened returns and risk management through volatility and hedging strategies, with BlackRock’s ETFs forming the core of its portfolio.
In Bitcoin spot ETFs, Jane Street held 23.967 million shares of IBIT (worth approximately $1.467 billion) during the quarter, a 268% increase from Q1, while substantially expanding its call and put option exposure, raising the total value of related options to $1.78 billion. It held 11.43 million shares of ARKB (worth approximately $409 million), up 128% quarter-on-quarter, and similarly expanded ARKB call and put options. Its GBTC holdings reached 1.02 million shares (worth approximately $86.55 million), a 219% increase, with about $24 million in related call and put options. Its BITO holdings were valued at over $53.74 million, with a 232% increase in shares from Q1. It also newly acquired 190,000 shares of BITB, worth approximately $11.6 million. In contrast, Jane Street slightly reduced its position in Grayscale’s mini BTC and significantly cut its DEFI holdings.
For Ethereum spot ETFs, Jane Street held over $130 million in ETHA during Q2, adding more than 3.78 million shares from Q1, and added call and put options worth over $42 million. Its FETH holdings reached $47.37 million, up 36% quarter-on-quarter. Holdings in ETHE, ETH, EZET, and QETH were each in the range of several million dollars, while ETHW and CETH were significantly reduced or fully liquidated.
Susquehanna International Group: Heavily invested in IBIT and FBTC, aggressively builds Ethereum ETF positions
As of the second quarter of 2025, Susquehanna International Group held Bitcoin and Ethereum spot ETFs valued at nearly $1.5 billion, while expanding its options positions to manage volatility risk.
The firm held over $680 million in IBIT, along with $1.56 billion in call options and $750 million in put options. Its FBTC holdings exceeded $310 million, with nearly $950 million in call and put options. Its ARKB holdings rose to $357 million, with a staggering 4,565% quarter-on-quarter increase in shares—the most significant addition. BITB shares increased 1,093% quarter-on-quarter, with a holding value of about $100 million. It also held thousands of dollars’ worth of Grayscale GBTC and BTC, and several million dollars’ worth of BTCW and HODL.
In Ethereum spot ETFs, Susquehanna held $17.9 million in ETHA and added call and put options worth over $84 million. Grayscale ETH holdings increased 588% quarter-on-quarter, reaching a value of approximately $23.27 million. The firm also expanded or newly established spot and options positions in FETH, ETHW, and others, mostly valued in the millions.
Horizon Kinetics Asset Management: Bitcoin ETFs as core holdings, minimal changes
Horizon Kinetics Asset Management holds crypto ETFs valued at over $1.43 billion, primarily allocated to Bitcoin ETFs. In Q2, Horizon Kinetics slightly reduced its GBTC position, which remains above $1.23 billion, and continues to hold $146 million in Grayscale BTC, with unchanged share count from last quarter. Its IBIT holdings expanded to $58.88 million, with an 11% increase in shares quarter-on-quarter. Positions in HODL and FBTC showed no significant changes, valued in the hundreds of thousands. The firm also holds small amounts of Grayscale ETHE and ETH.
Schonfeld Strategic Advisors: Total holdings exceed $1.1 billion, significantly increases ARKB position
Multistrategy hedge fund manager Schonfeld Strategic Advisors continued to add to its Bitcoin and Ethereum-related funds in Q2, with total holdings valued at approximately $1.12 billion.
In Bitcoin spot ETFs, Schonfeld Strategic Advisors held over $437 million in FBTC, with a slight quarter-on-quarter increase in shares. Its IBIT holdings rose to about $347 million, with added call options worth $1.53 million. ARKB holdings surged 1,228% quarter-on-quarter, with a value approaching $120 million. BITB holdings expanded to $113 million, and it held about $530,000 in GBTC.
Meanwhile, the firm added approximately 1.68 million shares of ETHA during the quarter, valued at $84.45 million; newly established a 500,000-share position in ETHW, worth about $9.03 million; and maintained its FETH holdings at around $4.04 million.
Avenir Group: IBIT holdings exceed $1 billion, leading Asian institutional investor
Avenir Group is a family office founded by Li Lin. As of the second quarter this year, Avenir Group held over $1.01 billion in IBIT, with a 12% quarter-on-quarter increase in shares, ranking first among Asian institutional investors, and added call options worth approximately $12.2 million. Its FBTC holdings were around $5.51 million.
Millennium Management: IBIT accounts for over half, increases Ethereum ETF allocation
As of the second quarter of 2025, global alternative investment manager Millennium Management held crypto ETFs valued at over $940 million, primarily in Bitcoin spot ETFs.
The firm held over $488 million in IBIT, a 22% increase in shares from Q1, along with call and put options valued at over $28 million. FBTC holdings remained largely unchanged from last quarter, valued at $160 million. BITB was slightly reduced, with holdings near $45.3 million. ARKB holdings were valued at about $38 million, with a 207% increase in shares quarter-on-quarter. Grayscale BTC and GBTC holdings were valued at nearly $30 million and $1.96 million, respectively.
In Ethereum spot ETFs, Millennium Management added over 5.8 million shares of ETHA in Q2, valued at over $110 million. Grayscale ETH holdings increased 103% quarter-on-quarter, reaching a value of $58.85 million. FETH was also significantly increased, with a value of approximately $10.52 million. ETHW holdings remained stable from last quarter, with asset value rising to around $2.6 million.
Capula Management: Total holdings exceed $800 million, IBIT dominates
Capula Management is one of Europe’s largest hedge fund managers, holding Bitcoin and Ethereum spot ETFs valued at over $868 million in Q2. The firm held over 9.48 million shares of IBIT (worth approximately $580 million), a 23% increase quarter-on-quarter. It also held about $140 million in FBTC, a 65% decline from Q1 holdings.
In Ethereum spot ETFs, Capula Management expanded its exposure this quarter, with ETHA holdings surging 196% to 5.35 million shares, valued at over $100 million. FETH holdings slightly increased to about $45.21 million.
Symmetry Investments: Holds only IBIT above $680 million, modestly adds in Q2
Symmetry Investments is a Hong Kong-based hedge fund focused on fixed-income arbitrage and global macro strategies. In the second quarter of 2025, Symmetry increased its IBIT holdings by about 4% from the previous quarter, holding over 11.23 million shares, valued at over $688 million.
Mubadala Investment: Maintains unchanged IBIT holdings
Mubadala Investment is a sovereign investment institution with over $330 billion in global assets under management. The fund held over 8.72 million shares of IBIT in Q2, unchanged from the previous quarter. However, due to the rise in IBIT’s share price, the value of its holdings increased to approximately $534 million.
Sculptor Capital: Total holdings exceed $500 million, significantly increases IBIT position
Global alternative asset manager Sculptor Capital held Bitcoin spot ETFs valued at over $500 million in Q2. Specifically, the firm significantly increased its IBIT position this quarter, with a 60% increase in shares quarter-on-quarter, valued at over $270 million. It also held over $200 million and $21.52 million in FBTC and BITB, respectively, with no change in share count from Q1.
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