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first_img JPMorgan Chase Q2 disclosed an increase in holdings of Bitcoin and Ethereum ETFs, re-entered XRP, and established a new position in Solana

According to Coinpedia, JPMorgan, with an asset management scale of approximately $5.1 trillion, submitted its Q2 13F filing to the SEC, showing significant adjustments in its crypto-related ETF holdings. In terms of Bitcoin, the bank held approximately 10.4 million shares of BlackRock's IBIT as of June 30, valued at about $355.7 million, up from about 8.3 million shares and nearly $162 million in Q1; the number of IBIT call options increased to about 3.94 million, while put options decreased from about 4.75 million to about 3.5 million.Regarding Ethereum, JPMorgan held nearly 1.17 million shares of BlackRock's ETHA, valued at approximately $14.3 million, a significant increase of 338% compared to the previous quarter, but the value of Bitcoin positions still exceeds that of ETHA by more than twenty times. For XRP, after the related positions were reduced to zero in Q1, the bank re-established its holdings, holding small shares of Bitwise XRP ETF and Grayscale XRP Trust ETF, as well as approximately 19,900 shares of Armada Acquisition Corp II related to Ripple-supported trading, valued at about $207,000.In addition, the filing also showed that JPMorgan established a new position in Bitwise Solana Staking ETF, holding about 47,500 shares. The article also mentioned that there has been a recent net outflow from the U.S. spot Bitcoin ETF, with the next 13F covering Q3 expected to be disclosed in November.

Gray Research Director: ETH and SOL may face supply contraction, and the reduction of inflation mechanisms will strengthen token scarcity

Grayscale Research Director Zach Pandl stated that the two major blockchain networks, Ethereum (ETH) and Solana (SOL), are considering adjusting their token economic models to enhance asset scarcity by reducing future token supply growth through lowering annual inflation rates. As important native assets supporting stablecoins and tokenized asset ecosystems, the prices of ETH and SOL are primarily determined by supply and demand dynamics. If the relevant code upgrade proposals are approved, under unchanged conditions, lower supply growth may provide support for token prices.According to Grayscale's analysis, if the relevant adjustments are implemented, the supply inflation rates of BTC, ETH, and SOL will continue to decline over the next five years. By the end of 2031, the annual inflation rates for Bitcoin and Ethereum are expected to be around 0.4%, and Solana around 1.1%, which is lower than gold's annual supply growth rate of about 1.8% and the U.S. CPI inflation level of about 3.3%. Currently, these token economic adjustments are still in the community discussion phase. Among them, the Solana-related proposal has gained broader support and has a higher likelihood of implementation; the Ethereum proposal still requires further discussion.If the adjustments are implemented, staking users may face reduced token rewards, as part of the staking income comes from the issuance of new tokens. However, due to the decline in the growth rate of circulating supply, the scarcity value of the tokens may increase, potentially providing price support. For ETH and SOL holders who do not participate in staking, they may benefit directly; the final returns for stakers will depend on the balance between the decrease in rewards and the increase in prices. Zach Pandl concluded that ETH and SOL are becoming important digital commodities supporting stablecoins and the tokenization of real assets, and the economic model adjustments aimed at reducing inflation may further strengthen their scarcity attributes.

Norway's sovereign wealth fund indirectly holds 11,549 BTC, setting a new historical high

According to The Block, K33 research director Vetle Lunde stated that by the end of the first half of 2026, the Norwegian sovereign wealth fund's indirect Bitcoin exposure through holdings in companies such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla has risen to 11,549 BTC, a record high valued at approximately $725 million. This exposure grew by 21.2% in the first half of the year and by 60.5% over the past year, marking the sixth consecutive reporting period of increase.Among these, Strategy accounts for nearly 86% of the fund's indirect Bitcoin exposure, corresponding to approximately 9,914 BTC. As of June 30, the Norwegian sovereign wealth fund held about 1.17% of Strategy's shares, valued at $357.3 million at that time. Metaplanet corresponds to 671 BTC, MARA corresponds to 421 BTC, and Coinbase, Block, and Tesla correspond to 183 BTC, 120 BTC, and 97 BTC, respectively.K33 pointed out that this exposure is likely not the result of the fund actively allocating to Bitcoin, but rather an indirect effect of its broadly diversified investment portfolio. Currently, the related Bitcoin exposure accounts for about 0.03% of the fund's total assets.In addition, the fund has also gained indirect ETH exposure through the Ethereum treasury company BitMine for the first time. As of June 30, it held 6.15 million shares of BitMine, valued at $88.3 million, accounting for about 1.16% of the company's shares; based on BitMine's current ETH holdings, this corresponds to an indirect exposure of approximately 67,340 ETH.
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