Wall Street’s Fast Money Fled Bitcoin ETFs, Sovereign Funds Stepped In
Summary
Galaxy Research found that nine hedge funds and banks drove more than the decline in institutional U.S. spot Bitcoin ETF holdings from September 2025 to June 2026, selling 68,000 BTC worth about $5.4 billion. Other 13F filers added roughly 20,000 BTC, with buyers including Morgan Stanley’s wealth arm and Abu Dhabi funds. The selling largely reflected the fading profitability of cash-and-carry trades as Bitcoin futures premiums narrowed, rather than a bearish view of Bitcoin. Futures positioning also contracted sharply. ETF holdings later recovered, adding 87,000 BTC from June’s low, though recent flows have been volatile. The 13F figures do not include activity after June.
