CROWD: RED
Active holders jumped 97 to 60 recently (-38% 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
60
of 174 total, index funds excluded
This quarter
+11
47 out
Conviction
1 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2018Mar 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 · $941M held
Fund
Value
Note
Aspex Management (HK) Ltd
$83M
FountainVest China Capital …
$78M
BlackRock, Inc.
$76M
Krane Funds Advisors LLC
$66M
Triata Capital Ltd
$45M
VANGUARD CAPITAL MANAGEMENT…
$43M
Greenwoods Asset Management…
$43M
D. E. Shaw & Co., Inc.
$40M
GOLDMAN SACHS GROUP INC
$28M
BANK OF AMERICA CORP /DE/
$26M
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.