In the last quarter of 2025, there were significant declines in Bitcoin ETF positions held by large portfolio managers in the USA. In particular, large investment institutions known as “13F filers”, which submit quarterly reports to the US Securities and Exchange Commission (SEC), came to the fore with a total ETF sale of nearly $1.6 billion in the last quarter of the year. It was stated that these sales were not spread throughout the market, but rather were carried out by certain investor groups.
Investment Advisors and Fund Managers Made the Most Sales
Investment advisors and hedge funds made the steepest ETF reductions among 13F filers. Figures reported at the end of the quarter reveal that these two groups sold ETFs equivalent to approximately 25 thousand Bitcoins in total. These investors are funds with a portfolio size over 100 million dollars in the US financial markets and are very active in the field of investment. According to the announced data, the share of 21,831 BTC decreased from the portfolio of investment advisors with the highest sales, and the share of 7,694 BTC decreased from the portfolio of fund managers.
Remarkable Change in Corporate Portfolio Distribution
Brokers and banks, as well as investment advisors and fund managers, have also reduced their Bitcoin ETF positions. However, holding companies and some public institutions increased their ETF assets. The data in question shows that not all institutions take negative positions in the market simultaneously.
Looking at the annual data, it can be seen that the decrease in assets in ETFs became particularly evident in the last quarter, and this trend also had an impact on Bitcoin prices. Sustained and high-volume daily outflows into Bitcoin ETFs were particularly noticeable in February. During this period, many consecutive outflows were observed and continued to put pressure on the Bitcoin price.
13F filing reports reveal which products investors are weighting in their year-end portfolios and their changing risk appetite. However, the sales taking place here should not be considered as Bitcoin sales directly from exchanges; Essentially, the decrease in ETF shares is handled separately from the effects on the spot market.
It is also known that some institutional investors use ETFs for short-term trading or hedging transactions, and not with the intention of direct “long-term investment”. So the weakening of certain portfolios does not mean that all market players have given up.
On the other hand, with the weakening of strong investor interest, a period of fluctuating pressure continues in Bitcoin, rather than a short-term recovery. As the negative trend in ETF flows continued, the cautious atmosphere remained in the cryptocurrency market.
According to analysts, market volatility could remain high unless daily ETF inflows increase and turn positive for several days in a row.
