13F Data Exposure: US Institutions Significantly Reduce Bitcoin ETF Holdings, Who Are the Main Sellers?

According to Gate market data, as of February 25, 2026, Bitcoin (BTC) price hovers around $65,222. Despite a 3.86% increase over the past 24 hours, the total decline over the last 30 days remains at 25.91%. Ongoing capital outflows and weak institutional demand are key factors suppressing the market. The latest disclosed 13F filings reveal the true picture of this sell-off—who is reducing their holdings? Why are they selling? This article combines the latest data to analyze the major players’ portfolio adjustments in the U.S. market.

Institutions Selling Bitcoin ETFs: Who Is Selling?

Recent disclosures show that major U.S. investors significantly adjusted their holdings of Bitcoin ETFs in Q4 2025. According to data compiled by Bloomberg Industry Research, large institutions that filed 13F forms with the U.S. Securities and Exchange Commission sold nearly $1.6 billion worth of Bitcoin ETF shares in Q4, equivalent to about 25,000 BTC. This rebalancing aligns with Bitcoin’s decline from its high of $120,000, providing context for the ongoing market correction.

Insights from 13F Filings

The 13F form is a quarterly report that U.S. institutional investors managing over $100 million must file, detailing their holdings at quarter’s end. While these reports reflect positions at a specific point in time, they offer a crucial window into the smart money’s movements. The Q4 2025 data clearly indicates that these large institutions generally reduced their Bitcoin ETF holdings rather than increased them.

Major Sellers: Investment Advisors and Hedge Funds

Detailed analysis shows that the main force behind this sell-off comes from specific types of institutions:

• Investment Advisors: As one of the largest holders of Bitcoin ETFs, they net sold approximately 21,831 BTC worth of ETF shares in Q4.
• Hedge Fund Managers: Another major category—hedge funds—also cut positions by about 7,694 BTC worth.
• Other Participants: Banks, brokerages, and similar entities also generally reduced their risk exposure.

This concentrated selling explains why Bitcoin prices remain under pressure despite recent rebounds. Although some entities like holding companies or government-related bodies have increased their holdings, the overall decline in institutional positions is directly reflected in continued ETF capital outflows.

Recent ETF Market Performance

As we move into 2026, this capital outflow trend has not reversed immediately. By late February, U.S. spot Bitcoin ETFs have experienced consecutive weeks of net outflows. According to SoSoValue data, on February 23 alone, the net outflow from Bitcoin spot ETFs reached $204 million. Over the past week ending February 20, 12 Bitcoin spot ETFs collectively saw net outflows of about $316 million, continuing the downward trend. This persistent selling pressure indicates that institutional investors are reducing risk appetite, with de-risking and portfolio rebalancing being the current main themes.

2026 U.S. Bitcoin ETF Capital Inflows and Outflows, Source: SoSoValue

Market Implications Behind the Data

It’s important to clarify that the reduction in holdings shown in 13F filings does not necessarily mean institutions are directly selling Bitcoin on exchanges. These operations often involve share redemptions, which can still exert actual selling pressure on the spot market. Analysts point out that the current ETF capital outflows coincide with net Bitcoin inflows into exchanges, indicating that institutional demand is not absorbing the new supply but rather adding to the selling pressure.

Bitcoin Price Chart Over the Past Month, Source: CoinGecko

On Gate’s market page, as of February 25, 2026, Bitcoin (BTC) is priced at $65,222, up 3.86% in the last 24 hours. However, over the past 30 days, the price has fallen by 25.91%. Market sentiment remains in the “neutral” zone, reflecting the current macroeconomic uncertainty and capital tug-of-war.

Bitcoin Price, Source: Gate

Conclusion

Combining the 13F filings and recent ETF capital flow data, major participants in the U.S. market—especially investment advisors and hedge funds—are indeed the primary sellers of Bitcoin ETFs in recent times. This behavior has driven down overall institutional holdings and is a key factor influencing Bitcoin’s price recovery. Although occasional days see inflows, until a substantial shift occurs in the overall outflow pattern, the market is likely to remain volatile and in a bottoming process.