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Institutional Adoption Update: Q1 2025 Filings Are In

Institutional Adoption Update: Q1 2025 Filings Are In

Charts & Insights on Institutional Positioning

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Root
May 17, 2025
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BitcoinStrategy
BitcoinStrategy
Institutional Adoption Update: Q1 2025 Filings Are In
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Dear Bitcoiners,

This newsletter covers the latest research on institutional adoption. On the Bitcoin Strategy Platform, we track institutional participation by collecting and processing all Bitcoin-related SEC 13F filings. Institutions are required to report their ETF holdings within 45 days after each quarter ends. Yesterday was the final deadline for Q1 2025, meaning all new data is in!

Bitcoin Strategy is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Most of Q1 2025 was marked by heavy consolidation. Unlike the strong growth seen in Q4 2024, expectations for Q1 were conservative. I discussed this in a recent appearance on The Bitcoin Frontier podcast, which you can watch here.

Before diving into institutional adoption, a quick reminder: Bitcoin is still facing resistance around the $100K level, as outlined in last week’s newsletter. That update is still highly relevant to the current price action—if you missed it, catch up here:

$100K Bitcoin: The Expansion Phase

$100K Bitcoin: The Expansion Phase

Root
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May 9
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Institutions are a key driver of this bull market, and tracking their activity is essential for a complete market picture. Get full access to live institutional tracking and the full Bitcoin Strategy Platform—featuring all premium on-chain indicators and full newsletter content. Claim your 25% LIFETIME discount – LIMITED TIME ONLY!

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Institutional Adoption: Q1 2025 Insights

Live chart available to all paid subscribers.

Go to ETF Tracker: Institutions

👇 Key insights:

  • During the Q1 2025 tariff correction, institutional holdings declined by 10%.

  • Over that same period, Bitcoin fell ~12%, in line with the decline in institutional holdings.

  • In contrast, Q4 2024 saw a 78% increase in institutional holdings vs. a 47% price gain.

  • Q1 2025 was expected to be moderate due to consolidation and macro fear.

  • Unlike the ETF correction in Q2–Q3 2024, this correction came with an actual reduction in institutional holdings.

  • This decline reflects the broader macro-driven de-risking due to tariffs.

  • Q2 2025 is already showing signs of renewed growth.

Next, we’ll take a closer look at how institutional holdings stack up against total ETF holdings, along with notable highlights and surprises!

Institutional vs. Total ETF Holdings

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