CROWD: RED
Active holders jumped 89 to 87 recently (-2% 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
87
of 219 total, index funds excluded
This quarter
+28
30 out
Conviction
4 bps
median holder weight: token bet
Streak
0q
consecutive rising quarters
The crowd, 2016 to now
active holders per quarter
2024Mar 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 · $2.3B held
Fund
Value
Note
PILGRIM GLOBAL ADVISORS LLC
$301M
CONTINENTAL GENERAL INSURAN…
$226M
Encompass Capital Advisors …
$222M
BlackRock, Inc.
$155M
Capital International Inves…
$125M
MORGAN STANLEY
$120M
FourWorld Capital Managemen…
$119M
Two Seas Capital LP
$91M
VANGUARD CAPITAL MANAGEMENT…
$90M
STATE STREET CORP
$76M
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.