Based on 14 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BTCM positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 78% of 3.0Y peak
78% of all-time peak
14 funds currently hold this stock — 78% of the 3.0-year high of 18 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️
Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BTCM is almost the same as a year ago (+0 funds, +0% change). No significant rush to buy or sell — institutional backing is holding steady.
🔴
Heavy selling pressure — only 35% buying
6 buying11 selling
Last quarter: 11 funds sold vs only 6 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~3 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 4 → 8 → 5 → 3. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
43% of holders stayed for 2+ years
■ 43% conviction (2yr+)
■ 21% medium
■ 36% new
6 out of 14 hedge funds have held BTCM for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💰
Price up while funds trimmed (+4% value, -36% shares)
Last quarter: total value of institutional BTCM holdings rose +4% even though funds reduced share count by 36%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📊
Peak discovery — momentum slowing
3 → 4 → 8 → 5 → 3 new funds/Q
New funds entering each quarter: 4 → 8 → 5 → 3. BTCM is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️
Deep conviction — 57% of holders stayed 2+ years
■ 57% veterans
■ 14% 1-2yr
■ 29% new
Of 14 current holders: 8 (57%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋
Smaller funds dominant — 16% AUM from top-100
16% from top-100 AUM funds
6 of 14 holders rank in the top 100 by AUM, but together hold only 16% 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.