Every investor category increased its Bitcoin holdings in Q2

Institutional investment in Bitcoin ( BTC ) exchange-traded funds ( ETFs ) saw record highs in Q2 2025, climbing to approximately $33.6 billion. A more detailed picture suggests that institutions added 57,375 BTC across tracked categories during the quarter, according to Bloomberg Intelligence data published on August ￰0￱ accounted for the majority of it, building $17.4 billion in ETF positions, nearly double that of the hedge funds, which witnessed a $9 billion ￰1￱ is more striking, however, is that the same data reveals that virtually every investor category increased Bitcoin ETF holdings during the second quarter, illustrating the asset’s growing appeal as a digital ￰2￱ is buying Bitcoin ETFs Investment advisors have become the biggest holders of spot Bitcoin ETFs, adding a total 37,156 BTC (worth north of $17.4 billion) to reach a collective 161,909 BTC in ￰3￱ fact, the numbers reported by advisors now surpass the combined ETF holdings of hedge funds, brokerages, and holding companies.

Still, brokerage firms saw the second-largest allocation with 13,911 BTC (around $4.3 billion), followed by banks with 2,476 BTC (approximately $655 million). Pension funds were the only exception to the trend, maintaining their $10.7 million in positions and seeing no fresh ￰4￱ the figures are impressive, ETF analyst at Bloomberg James Seyffart emphasized that institutional holdings disclosed via 13F filings account for only about one quarter of total Bitcoin ETF shares: the rest is owned by non-filers, who are largely retail investors. “This data is mostly 13F ￰5￱ only accounts for about 25% of the the sic Bitcoin ETF ￰6￱ other 75% are owned by non-filers which is largely going to be retail.” In other words, while institutional appetite is remarkable, retail investors are still the main driving force behind ETF ￰7￱ image via Shutterstock