US institutions trimmed Bitcoin ETF holdings in Q4 2025 by about 25,000 BTC, with the declines led by investment advisory firms and hedge fund managers. The 13F reports showed quarter-end holdings lower than in Q3, indicating ETF positions were reduced though not necessarily a direct sale of physical bitcoins on exchanges.
ETF flow data point to persistent selling pressure, as February saw several notable net outflows and daily withdrawals continued into recent periods. Among the categories, investment advisers registered the largest net decrease at roughly 21,831 BTC, followed by hedge fund managers with about 7,694 BTC. Other intermediaries also reduced their holdings, while some groups such as parent companies and government-related institutions increased their positions.
This does not imply a universal bearish shift across all institutions. Many funds use Bitcoin ETFs for hedging, arbitrage, or short-term trading rather than straightforward long-term investment. Nonetheless, the broader takeaway is a weakening of large investment positions. Until ETF daily flows stabilize positively for several days, Bitcoin may remain in a fragile, shallow rebound rather than a full recovery.
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