Based on 111 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds added BTX than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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At the ownership peak (97% of max)
97% of all-time peak
111 hedge funds hold BTX 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BTX is almost the same as a year ago (+3 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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More buyers than sellers — 60% buying
67 buying44 selling
Last quarter: 67 funds were net buyers (31 opened a brand new position + 36 added to an existing one). Only 44 were sellers (29 trimmed + 15 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~31 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 26 → 16 → 26 → 31. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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46% of holders stayed for 2+ years
■ 46% conviction (2yr+)
■ 21% medium
■ 33% new
51 out of 111 hedge funds have held BTX 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.
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Buying through price weakness — shares +19%, value -95%
Last quarter: funds added +19% more shares while total portfolio value only changed -95%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
25 → 26 → 16 → 26 → 31 new funds/Q
New funds entering each quarter: 26 → 16 → 26 → 31. A growing number of institutions are discovering BTX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 50% veterans vs 40% newcomers
■ 50% veterans
■ 10% 1-2yr
■ 40% new
Entry-cohort mix of 111 holders: 56 (50%) are 2+ year veterans, 11 entered 1–2 years ago, and 44 (40%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 46% AUM from top-100 funds
46% from top-100 AUM funds
13 of 111 holders are among the 100 largest funds by AUM, controlling 46% of total institutional value in BTX. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.