An analysis of institutional filings says nine hedge funds and banks cut their Bitcoin ETF holdings by about 68,000 Bitcoin in the nine months from just before Bitcoin’s October 2025 high through the end of June. About 2,200 other filers added roughly 20,000 Bitcoin over that period, including sovereign funds and wealth managers. The filings show changes in holdings, not why investors made them; Galaxy’s Alex Thorn attributed the selling to a shrinking return from a trade that pairs ETF purchases with bets against Bitcoin futures. The newsletter says the funds have added back 87,000 Bitcoin since June, but does not identify those purchases as coming from the same investors.
