US institutional investors reduced their holdings in spot Bitcoin exchange-traded funds by nearly $1.6 billion in the fourth quarter of 2025, according to new Bloomberg Intelligence data based on 13F filings with the U.S. Securities and Exchange Commission.
Bloomberg ETF analyst James Seyffart indicates that 13F filers were net sellers during the final three months of the year. These investors, required to disclose quarterly equity holdings, reduced Bitcoin ETF shares compared with their reported allocations in the previous quarter.
Hedge Funds Lead Q4 2025 Reductions
The Bloomberg Intelligence analysis further revealed that the largest two categories of holders of the spot BTC exchange-traded funds, which include investment advisors and hedge fund managers, were the primary sellers of the asset in the recent quarter. They were the largest sellers compared to the buying activity of other institutions.
Overall, 13F investors have been unloading shares equivalent to 25,000 BTC in total during Q4 2025. This should not be confused with the sale of actual BTC through an exchange. This data represents reported positions based on a snapshot of quarter-end holdings in U.S.-listed equity securities among money managers.
A particular money manager stood out in the 13F reports. Brevan Howard reduced their BTC holdings the most. They have been unloading shares equivalent to more than 17,000 BTC. The two largest spot Bitcoin ETFs in terms of assets under management are offered by BlackRock and Fidelity Investments.
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Bitcoin Price Decline and Continued ETF Outflows
In addition to the 13F reports indicating a decline in Bitcoin holdings during the fourth quarter, BTC has been declining in price. In fact, after reaching an all-time high in excess of $120,000, Bitcoin has been trading in the $85,000 range in Q4 2025. The recent decline in BTC price has been a trend in recent weeks. Recent data suggests this trend has been continuing in 2026.
In fact, spot Bitcoin ETFs have been seeing net outflows for the fifth consecutive week. Spot Bitcoin ETFs recorded their fifth consecutive week of net outflows, with approximately $316 million withdrawn in the four-day week ending February 20, according to SoSoValue. Repeated daily outflows have contributed to sustained pressure on BTC prices.
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