Key Takeaways
- • Investors in BlackRock's iShares Bitcoin Trust (IBIT) redeemed $104.97 million, with the outflow reflecting client redemptions rather than trading by BlackRock for its own account.
- • US spot Bitcoin ETFs recorded $104.9 million in net outflows on February 18, 2026, a figure that closely matches the IBIT redemption total.
- • Trading volume across spot Bitcoin ETFs fell nearly 80% from a February 5 peak, with total ETF volume dropping to just over $3 billion.
- • Q4 2025 13F filings showed Hong Kong-based Laurore adding $436.2 million of IBIT and Jane Street adding $276 million, while Brevan Howard cut its holdings about 85% and Goldman Sachs reduced its stake by 40%.
Summary
Investors in BlackRock's iShares Bitcoin Trust, ticker IBIT, redeemed $104.97 million from the fund, according to Crypto Briefing. The outflow came from client share redemptions rather than proprietary trading by BlackRock, which the report notes processed the redemptions as the fund's administrator and manager. IBIT is the largest spot Bitcoin ETF by assets and by accumulated inflows. The $104.97 million figure lines up closely with broader category data showing US spot Bitcoin ETFs posted $104.9 million in net outflows on February 18, 2026.
The redemptions coincided with a sharp slowdown in trading. Volume across spot Bitcoin ETFs fell by nearly 80% from a peak recorded on February 5, and total ETF volume dropped to just over $3 billion during this period. The report characterizes the drop as a sign that the urgency behind earlier buying has faded, at least for now.
Quarterly 13F filings for Q4 2025 point to larger shifts in institutional positioning. Laurore, a Hong Kong-based entity, added $436.2 million of IBIT during the quarter, and trading firm Jane Street added $276 million. The report notes Jane Street is a major market maker, so its positions may reflect liquidity provision as much as directional views. On the selling side, Brevan Howard cut its IBIT holdings by approximately 85%, and Goldman Sachs reduced its stake by 40%.
Spot Bitcoin ETFs launched in the US in January 2024 and attracted tens of billions of dollars in net inflows, with IBIT rising to the top of the category. The products give pension funds, wealth managers, and hedge funds Bitcoin exposure through standard brokerage accounts. Crypto Briefing characterizes the $104.97 million redemption as a data point rather than a verdict, noting it is small relative to total capital flowing into these funds since 2024. The report also highlights the Hong Kong buyer as evidence that demand for US-listed Bitcoin ETFs extends beyond domestic managers.
The redemptions coincided with a sharp slowdown in trading. Volume across spot Bitcoin ETFs fell by nearly 80% from a peak recorded on February 5, and total ETF volume dropped to just over $3 billion during this period. The report characterizes the drop as a sign that the urgency behind earlier buying has faded, at least for now.
Quarterly 13F filings for Q4 2025 point to larger shifts in institutional positioning. Laurore, a Hong Kong-based entity, added $436.2 million of IBIT during the quarter, and trading firm Jane Street added $276 million. The report notes Jane Street is a major market maker, so its positions may reflect liquidity provision as much as directional views. On the selling side, Brevan Howard cut its IBIT holdings by approximately 85%, and Goldman Sachs reduced its stake by 40%.
Spot Bitcoin ETFs launched in the US in January 2024 and attracted tens of billions of dollars in net inflows, with IBIT rising to the top of the category. The products give pension funds, wealth managers, and hedge funds Bitcoin exposure through standard brokerage accounts. Crypto Briefing characterizes the $104.97 million redemption as a data point rather than a verdict, noting it is small relative to total capital flowing into these funds since 2024. The report also highlights the Hong Kong buyer as evidence that demand for US-listed Bitcoin ETFs extends beyond domestic managers.
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