Large US investors reduced their Bitcoin ETF holdings in late 2025, and new breakdowns show the selling came mainly from a few specific groups rather than the entire market.

Bloomberg Intelligence data shared by analysts shows that 13F filers — large institutions that report quarterly holdings to the US SEC — were net sellers of Bitcoin ETFs in Q4 2025, cutting exposure by nearly $1.6 billion.

The biggest reductions came from investment advisors and hedge funds, the two largest holder categories.

13F Filers Sold Their Bitcoin Shares

A 13F filer is a large US money manager (usually with over $100 million in qualifying assets) that must report its holdings every quarter. These filings show a snapshot of positions at quarter-end.

These firm’s reported Bitcoin ETF holdings were lower in Q4 than in Q3. In other words, they reduced ETF shares, not necessarily that they sold physical Bitcoin directly on exchanges.

That helps explain why Bitcoin has remained under pressure even during short-term rebounds. ETF flow data shows repeated daily outflows in recent weeks, including several large red days in February.

Who Sold the Most

The category-level data shows the largest net reductions came from:

• Investment Advisors: about -21,831 BTC

• Hedge Fund Managers: about -7,694 BTC

Other categories, such as brokerages and banks also reduced exposure.

However, some groups increased holdings, including holding companies and government-related entities.

This does not mean “all institutions turned bearish.” Many firms use Bitcoin ETFs for hedging, arbitrage, or short-term trading, not just long-term bets.

However, the broader signal is clear. Big-money positioning weakened, and that matches the recent ETF outflow trend.

Until daily ETF flows stabilize and turn positive for more than a few sessions, Bitcoin may remain in a fragile, relief-rally phase rather than a full recovery.