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Large US investors reduced their participation in Bitcoin funds by the end of 2025, and new analyzes show that the sale was mainly by several specific groups and not by the entire market.
Bloomberg Intelligence data shared by analysts show that 13F filers — large institutions that report their quarterly holdings to the US Securities Exchange Commission — were net sellers of Bitcoin funds in the fourth quarter of 2025, reducing exposure by about $1.6 billion.
The biggest cuts came from investment advisors and hedge funds, the two largest classes of influencers.
13F filers sold their Bitcoin shares
A 13F filer is a large US money manager (usually with more than $100 million in qualifying assets) that must report its assets quarterly. These submissions show a view of the locations at the end of the last quarter.
She was Bitcoin Holdings ETF Reported lower in Q4 compared to Q3. In other words, they reduced ETF shares, not necessarily sold actual Bitcoin directly on exchanges.
This explains why Bitcoin remains under pressure Even during short-term recovery periods. ETF flow data shows frequent daily market swings in recent weeks, including several big red days in February.
Who sold more?
Category data shows that the largest net reductions come from:
- Investment advice: About -21,831 Bitcoins
- Hedge fund managers: About -7,694 Bitcoins
Other categories, such as brokers and banks, have also reduced exposure.
However, some groups have increased their participation, including holding companies and related government entities.
This does not mean that “all institutions have turned bearish in trend”. Many companies use it Bitcoin ETFs In hedging, arbitrage or short-term trading, not just long-term bets.
However, the broader sign is clear. The position of large funds has weakened, and this is in line with the recent trend of ETF exits.
Until the daily ETF flows stabilize and turn positive for more than a few sessions, Bitcoin may be in a shaky phase and a relief rally rather than a full recovery.
