Bitcoin ETFs: Institutional Selling Meets Long-Term Buying

| bitcoinist.com
Bitcoin ETF ownership is shifting, rather than showing a broad institutional retreat. SEC filings show reporting institutions held about 355,000 BTC-equivalent in spot Bitcoin ETFs in September 2025, falling to roughly 307,000 BTC by June 2026—a net decline of 48,000 BTC, or 14%. Nine firms, including Millennium Management, Goldman Sachs, Brevan Howard and Tudor Investment, cut holdings by a combined 68,000 BTC. Galaxy Research says weaker cash-and-carry returns explain much of the selling. The annualised Bitcoin futures premium fell from 7.9% before the October 2025 price peak to 4.8% in the 30 days ending October 21, 2026, making the strategy less attractive. CME data also showed asset managers’ net long positions and leveraged funds’ net short positions each declined by about 57%. Other reporting institutions collectively added about 20,000 BTC. Buyers included Morgan Stanley’s wealth management business, Mubadala and the Abu Dhabi Investment Council. Galaxy also found that Bitcoin ETF holdings fell about 11% from the October 2025 price peak to the July 2026 trough, while Bitcoin’s price dropped around 53%. Funds subsequently added roughly 87,000 BTC from the June low, though the 13F data do not capture more recent, volatile ETF flows. For traders, the figures suggest strategy-driven selling has coincided with continued demand from wealth managers and sovereign investors. Bitcoin ETF flows and futures premiums remain important indicators to watch; the next institutional filings may show whether the ownership shift continues.
Neutral
The data are mixed for Bitcoin’s price. In the short term, sizeable cuts by trading-focused firms and weaker cash-and-carry returns may reduce ETF demand and add pressure during periods of risk aversion. However, the figures do not indicate a uniform institutional exit: other reporting institutions increased holdings, and ETF holdings fell much less than Bitcoin’s price during the reported downturn. The subsequent accumulation also points to ongoing demand, although 13F filings are delayed and do not capture current flows. Over the longer term, continued buying by wealth managers and sovereign investors could help support market stability, while renewed narrowing of futures premiums or fresh ETF outflows could weaken that support. With opposing signals and lagging position data, the news alone does not establish a clear directional price catalyst.