Bloomberg ETF analyst James Seyffart mentioned holders of spot bitcoin ETFs diminished publicity in the course of the fourth quarter of 2025, promoting shares equal to roughly 25,000 BTC based mostly on 13F filings.
What 13F filings confirmed
Seyffart wrote in an X publish that 13F filers had been web sellers throughout This fall.
He mentioned the group offered ETF shares equal to about 25,000 bitcoin, and later cited a determine of 25,098 BTC price of shares offered throughout the publicly traded funds.
Value drop in the course of the quarter
The promoting got here as bitcoin fell sharply in This fall 2025, dropping from an all-time excessive above $120,000 to beneath $85,000.
Bitcoin was buying and selling round $64,000 as of Tuesday.
Greatest reductions and main issuers
Seyffart additionally shared Bloomberg knowledge indicating Brevan Howard lower probably the most publicity, shedding greater than 17,000 BTC price of shares.
BlackRock and Constancy situation the 2 largest spot bitcoin ETFs by belongings beneath administration, together with BlackRock’s IBIT and Constancy’s FBTC.
Outflows proceed into February
The report follows a stretch of web outflows for U.S. spot bitcoin ETFs.
The 12 funds shed about $316 million in the course of the four-day week ending Feb. 20, based on SoSoValue.
U.S. spot ETF holdings and historical past will be tracked through Bitbo’s U.S. bitcoin ETFs database, alongside ETF flows knowledge.