Nine hedge funds and banks cut their U.S. spot Bitcoin ETF exposure by 68,000 BTC between the end of September 2025 and June 2026, Galaxy Research reported. Holdings across all quarterly 13F filers fell by 48,000 BTC, from 355,000 BTC to 307,000 BTC, while the other roughly 2,200 filers added about 20,000 BTC. The 13F data ends in June and does not capture more recent shifts.
Galaxy attributed the nine firms’ selling largely to a shrinking return from trades that pair spot ETF shares with short Bitcoin futures positions, rather than a change in their view of Bitcoin. It said Morgan Stanley’s wealth arm, Mubadala and the Abu Dhabi Investment Council were among the buyers. Galaxy disclosed that it holds Bitcoin.
