- Brevan Howard revealed a $2.3B position in BlackRock’s Bitcoin ETF, making up over 20% of its portfolio.
- Bitcoin swung from a $124,500 high to $116,800, causing $1B in liquidations before stabilizing near $117,400.
- Institutional flows show rising interest in Ethereum ETFs, hinting at the start of a new altseason.
Macro hedge fund giant Brevan Howard has disclosed a massive $2.3 billion position in BlackRock’s Bitcoin ETF, a move that makes up more than 20% of its entire portfolio. The filing came right as Bitcoin’s price stumbled back to $117,000 after briefly touching a record $124,500.
The Late Filing and What It Shows
The firm dropped its Q2 Form 13F right on the deadline—August 15—catching plenty of eyes with how heavily it leaned into Bitcoin exposure. For context, these forms are mandatory for institutions with over $100 million under management, and they’ve got 45 days post-quarter to hand them in. Brevan Howard, known as one of the biggest “macro” funds around, showed three separate positions in BlackRock’s iShares Bitcoin Trust ETF (IBIT), totaling roughly $2.26B, plus smaller entries worth $32.8M and $24.4M. A little surprise? They also slipped in an $800k allocation to BlackRock’s Ethereum Trust (ETHA).
According to LuxAlgo, the Bitcoin ETF now makes up about 21.84% of Brevan Howard’s book, with BlackRock Trust Fund II (IVVB) in second place at 17.91%. That kind of weighting says a lot about where the hedge fund thinks the momentum is heading.
Bitcoin’s Wild Swings
Meanwhile, Bitcoin’s been acting like Bitcoin—volatile as ever. After blasting past $124,500 to a new high, the coin tanked to $116,800, wiping out over $1B in liquidations across the market. As of now, BTC is hanging around $117,400, showing some recovery but still leaving traders with whiplash.
BlackRock’s IBIT continues to dominate the ETF space for Bitcoin, holding an eye-popping $88B in assets under management. Their Ethereum ETF, ETHA, isn’t far behind in its own lane, with north of $15B in AUM. Institutions appear to be shifting around too—on August 11, Ethereum ETFs saw a $1B inflow compared to Bitcoin ETFs’ $200M, fueling whispers that a fresh altseason could be starting.
What It Means Going Forward
Brevan Howard’s bold allocation isn’t just another hedge fund trade—it’s a signal. With one of the biggest macro funds pouring over a fifth of its book into a Bitcoin ETF, institutional conviction seems stronger than ever. Add to that the growing flows into ETH products, and you’ve got the recipe for a market that might be entering a new phase of adoption and speculation. Whether that means altseason is really here, or just another head fake, remains to be seen—but the big players are clearly moving in size.
