New Data Shows Which US Investors Actually Sold Bitcoin ETFs

Large US traders lowered their Bitcoin ETF holdings in late 2025, and new breakdowns present the promoting got here primarily from a couple of particular teams moderately than the whole market.

Bloomberg Intelligence information shared by analysts reveals that 13F filers — massive establishments that report quarterly holdings to the US SEC — have been internet sellers of Bitcoin ETFs in This autumn 2025, slicing publicity by almost $1.6 billion.

What did 13F filers do with the Bitcoin ETFs in This autumn??

In what shouldn’t be a lot of a shock — they have been sellers. Advisors and Hedge Funds (the 2 largest holder classes) have been the most important sellers. Overall 13F Filers bought ETF shares equal to ~25,000 Bitcoin in 4Q 2025. pic.twitter.com/0MEbzXVDb1

— James Seyffart (@JSeyff) February 24, 2026

The greatest reductions got here from funding advisors and hedge funds, the 2 largest holder classes.

13F Filers Sold Their Bitcoin Shares

A 13F filer is a big US cash supervisor (normally 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 lowered ETF shares, not essentially that they bought bodily Bitcoin immediately on exchanges.

That helps clarify why Bitcoin has remained under pressure even throughout short-term rebounds. ETF circulate information reveals repeated every day outflows in current weeks, together with a number of massive purple days in February.

Who Sold the Most

The category-level information reveals the biggest internet reductions got here from:

• Investment Advisors: about -21,831 BTC
• Hedge Fund Managers: about -7,694 BTC

Other classes, similar to brokerages and banks additionally lowered publicity. 

However, 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.

However, the broader sign is obvious. Big-money positioning weakened, and that matches the current ETF outflow development. 

Until every day ETF flows stabilize and switch constructive for various classes, Bitcoin might stay in a fragile, relief-rally part moderately than a full restoration.

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