Bitcoin fell 14.2% in Q2 while institutional Bitcoin ETF holdings rose 7.5% to 535,723 BTC equivalent. The number of institutions reporting Bitcoin positions fell 6.8% from about 2,000 to 1,900, indicating growing concentration. JPMorgan increased its IBIT position by 25.35% to approximately $355.7 million, while Renaissance Technologies more than quadrupled its stake to $46.7 million. Mubadala, Harvard Management, and Fortress Investment Group held their positions nearly flat, demonstrating sticky versus tactical demand. The 13F filings reveal a divide between stable holders and market makers, and the next drawdown will determine whether Q2 holdings reflected inventory or conviction.
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