CROWD: RED
Active holders jumped 126 to 195 recently. Ten years of our own data says fast institutional pile-ins mark late money, not early money. Careful chasing this.
Active holders
195
of 365 total, index funds excluded
This quarter
+111
42 out
Conviction
1 bps
median holder weight: token bet
Streak
6q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2019Mar 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 · $1.8B held
Fund
Value
Note
VANGUARD CAPITAL MANAGEMENT…
$166M
Defiance ETFs, LLC
$94M
Hood River Capital Manageme…
$93M
VAN ECK ASSOCIATES CORP
$92M
BlackRock, Inc.
$84M
SUSQUEHANNA INTERNATIONAL G…
$62M
STATE STREET CORP
$58M
MORGAN STANLEY
$58M
JPMORGAN CHASE & CO
$57M
MILLENNIUM MANAGEMENT LLC
$51M
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.