Wells Fargo, JPMorgan Add 10K+ BTC Each in Q2

The striking detail is the divergence between price and positioning: institutions added exposure into a double-digit drawdown while the institutional share of ETF holdings reached a record. That suggests these buyers are treating weakness as an entry window rather than a reason to de-risk, a different posture from the retail flows that typically dominate such products. The open question is whether that accumulation persists if price stays under pressure, since a shift back to net selling would undercut the 'smart money at the bottom' read.