Hedge Funds Trim Bitcoin ETF Holdings as Banks Increase Positions

Professional ownership of US spot Bitcoin exchange-traded funds fell sharply in the first quarter as the market softened. A CoinShares report analyzing quarterly 13F filings found professional investors cut exposure to 261,000 BTC from 313,000 BTC, a 17% decline; the combined value of those holdings dropped 35% to $17.8 billion, and the share of total US Bitcoin ETF assets held by 13F filers fell to 20.8% from 24.7%.

Sell pressure was concentrated among trading-oriented firms. Hedge funds and brokerages accounted for roughly 96% of the reduction: hedge funds trimmed 31,400 BTC (39%) and brokerages reduced exposure by 18,800 BTC (53%). Investment advisors, the largest professional cohort with 150,300 BTC, cut holdings by just 5.9%, while banks more than doubled their Bitcoin ETF positions, adding 7,800 BTC.

United States

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