Massive US traders lowered their Bitcoin ETF holdings in late 2025, and new breakdowns present the promoting got here primarily from a couple of particular teams fairly than your complete market.
Bloomberg Intelligence information shared by analysts exhibits that 13F filers — giant establishments that report quarterly holdings to the US SEC — have been web sellers of Bitcoin ETFs in This autumn 2025, slicing publicity by practically $1.6 billion.
What did 13F filers do with the Bitcoin ETFs in This autumn??
In what shouldn’t be a lot of a shock — they have been sellers. Advisors and Hedge Funds (the 2 largest holder classes) have been the most important sellers. Total 13F Filers bought ETF shares equal to ~25,000 Bitcoin in 4Q 2025. pic.twitter.com/0MEbzXVDb1
— James Seyffart (@JSeyff) February 24, 2026
The most important reductions got here from funding advisors and hedge funds, the 2 largest holder classes.
13F Filers Bought Their Bitcoin Shares
A 13F filer is a big US cash supervisor (often with over $100 million in qualifying property) that should report its holdings each quarter. These filings present a snapshot of positions at quarter-end.
These agency’s reported Bitcoin ETF holdings have been decrease in This autumn than in Q3. In different phrases, they lowered ETF shares, not essentially that they bought bodily Bitcoin straight on exchanges.
US Bitcoin ETF Influx and Outflow in 2026. Supply: SoSoValue
That helps clarify why Bitcoin has remained below stress even throughout short-term rebounds. ETF stream information exhibits repeated each day outflows in current weeks, together with a number of giant crimson days in February.
Who Bought the Most
The category-level information exhibits the most important web reductions got here from:
- Funding Advisors: about -21,831 BTC
- Hedge Fund Managers: about -7,694 BTC
Different classes, akin to brokerages and banks additionally lowered publicity.
Nonetheless, some teams elevated holdings, together with holding corporations and government-related entities.
This doesn’t imply “all institutions turned bearish.” Many companies use Bitcoin ETFs for hedging, arbitrage, or short-term buying and selling, not simply long-term bets.
Nonetheless, the broader sign is obvious. Large-money positioning weakened, and that matches the current ETF outflow pattern.
Till each day ETF flows stabilize and switch constructive for various classes, Bitcoin might stay in a fragile, relief-rally section fairly than a full restoration.
