Based on 92 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 BTQQF positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️
At the ownership peak (98% of max)
98% of all-time peak
92 hedge funds hold BTQQF right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +9100% more funds vs a year ago
fund count last 6Q
+91 new funds entered over the past year (+9100% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡
Slight buying edge — 51% buying
48 buying46 selling
Last quarter: 48 funds bought or added vs 46 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️
Fewer new buyers each quarter (-36 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 0 → 53 → 53 → 17. 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 — 93% entered in last year
■ 1% conviction (2yr+)
■ 5% medium
■ 93% new
Only 1 funds (1%) 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.
💎
Buying through price weakness — shares +2%, value -66%
Last quarter: funds added +2% more shares while total portfolio value only changed -66%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
0 → 0 → 53 → 53 → 17 new funds/Q
New funds entering each quarter: 0 → 53 → 53 → 17. A growing number of institutions are discovering BTQQF each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🌱
Early stage — 99% of holders entered in last year
■ 1% veterans
■ 0% 1-2yr
■ 99% new
Of 98 current holders: 97 (99%) entered in the past year, only 1 (1%) 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.
✅
Strong quality — 29% AUM from major funds
29% from top-100 AUM funds
23 of 92 holders rank in the top 100 by AUM, accounting for 29% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 7.2/10 — multiple crowding signals converge. Institutional ownership is at 98% of its all-time high — near peak crowding. Crowded trades can unwind fast — a single catalyst can trigger a cascade.