Bitcoin Held Near $80,000 After Hedge Funds Sold
Galaxy Digital research chief Alex Thorn said Bitcoin stayed near $80,000 during recent AI-market concerns partly because trading-focused hedge funds had already reduced their spot Bitcoin ETF positions. Galaxy’s review of 13F filings found that nine major filers cut holdings by 29% to 100% and sold a combined 68,000 BTC by June 2026. Across all 2,200 filers, holdings fell 14%, from 355,000 BTC in September 2025 to 307,000 BTC in June 2026. Thorn said longer-term buyers, including wealth managers, may be less likely to sell in response to short-term macro worries. The next batch of 13F filings, due November 16, will show institutional ETF positions as of September 30.
Neutral
The report is broadly neutral for Bitcoin. It offers a possible explanation for Bitcoin’s resilience near $80,000: some fast-moving hedge funds and trading desks had already cut exposure, leaving less of that particular investor group’s inventory available to sell during AI-related market anxiety. This is not a new catalyst for demand, however, and the 13F figures are backward-looking, covering positions only through June. The net decline across filers also shows that institutional ETF exposure fell overall, despite some longer-term buyers. In the short term, traders may watch Bitcoin’s ability to hold the $80,000 area and the November 16 filings for signs of renewed institutional buying or further outflows. As in earlier periods when institutional ETF holdings data showed large reallocations, filings can influence sentiment but do not by themselves establish current flows or determine price direction. Longer term, the balance between sustained wealth-management demand and trading-driven selling will matter more than this explanation of recent price stability. Broader risk appetite, AI and technology-sector volatility, interest-rate expectations and spot ETF flows remain important market indicators.