Massive US buyers decreased their Bitcoin ETF holdings in late 2025, and new breakdowns present the promoting got here primarily from a number of particular teams relatively than all the market.
Bloomberg Intelligence information shared by analysts exhibits that 13F filers — giant establishments that report quarterly holdings to the US SEC — have been internet sellers of Bitcoin ETFs in This autumn 2025, chopping publicity by practically $1.6 billion.
The largest reductions got here from funding advisors and hedge funds, the 2 largest holder classes.
13F Filers Offered Their Bitcoin Shares
A 13F filer is a big US cash supervisor (often with over $100 million in qualifying belongings) 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 decreased ETF shares, not essentially that they offered bodily Bitcoin immediately on exchanges.
That helps clarify why Bitcoin has remained below stress even throughout short-term rebounds. ETF stream information exhibits repeated day by day outflows in current weeks, together with a number of giant pink days in February.
Who Offered the Most
The category-level information exhibits the most important internet reductions got here from:
- Funding Advisors: about -21,831 BTC
- Hedge Fund Managers: about -7,694 BTC
Different classes, resembling brokerages and banks additionally decreased publicity.
Nonetheless, some teams elevated holdings, together with holding firms and government-related entities.
This doesn’t imply “all establishments turned bearish.” Many corporations use Bitcoin ETFs for hedging, arbitrage, or short-term buying and selling, not simply long-term bets.
Nonetheless, the broader sign is evident. Huge-money positioning weakened, and that matches the current ETF outflow development.
Till day by day ETF flows stabilize and switch constructive for various classes, Bitcoin might stay in a fragile, relief-rally part relatively than a full restoration.