Bloomberg ETF analyst James Seyffart reported that, according to 13F filings, hedge funds and asset managers (the two largest holder categories) were net sellers of spot BTC ETFs in Q4 2025.
However, the amount of BTC they sold in equivalent terms was relatively small — only about 25,000 BTC.
However, the amount of BTC they sold in equivalent terms was relatively small — only about 25,000 BTC.