CROWD: RED
Active holders jumped 18 to 22 recently (22% in one quarter). Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
22
of 60 total, index funds excluded
This quarter
+12
8 out
Conviction
1 bps
median holder weight: token bet
Streak
2q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2021Mar 2026
Holdings as of Mar 31, 2026, filed by May 16, 2026. Counts for the newest quarter keep settling for a few weeks as amendments land.
The tide
funds in (up) vs out (down)
Top holders
by reported value · $180M held
Fund
Value
Note
Capital Today Evergreen Fun…
$31M
Galileo (PTC) Ltd
$30M
HSG Holding Ltd
$26M
Boundless Plain Holdings Ltd
$21M
PLATINUM INVESTMENT MANAGEM…
$17M
VANGUARD CAPITAL MANAGEMENT…
$8M
Allspring Global Investment…
$8M
Connor, Clark & Lunn Invest…
$8M
BARCLAYS PLC
$7M
RENAISSANCE TECHNOLOGIES LLC
$4M
Tourists vs true believers
every holder a dot · right = bigger bet in their own book, up = patient money
Hover any dot for the fund and its bet size. Patience is measured from each filer's actual quarter-to-quarter turnover across our whole database.