Key Takeaways
- • Nine hedge funds and banks cut about 68,000 BTC of spot bitcoin ETF exposure between September 2025 and June 2026, according to Galaxy Research's analysis of 13F filings.
- • The sellers were Millennium, Brevan Howard, Goldman Sachs, Capula, Farallon, D.E. Shaw, Schonfeld, Symmetry and Tudor.
- • The reduction is a notable change in institutional positioning in spot bitcoin ETFs over the period, based on the filings Galaxy reviewed.
Summary
Galaxy Research's analysis of 13F filings shows that nine hedge funds and banks reduced their spot bitcoin ETF exposure by about 68,000 BTC between September 2025 and June 2026. The sellers identified in the analysis were Millennium, Brevan Howard, Goldman Sachs, Capula, Farallon, D.E. Shaw, Schonfeld, Symmetry and Tudor.
The figures are drawn from quarterly 13F disclosures, which give a lagged view of institutional holdings in U.S.-listed products. Because the data reflects reported positions rather than real-time trading, the reduction should be read as a change in reported exposure across the period rather than a single sell-off.
The story was also carried by Crypto Briefing and TradingView under the same headline, which confirms the core figures. Readers seeking the full set of Galaxy's conclusions should refer to the original Galaxy Research report.
The figures are drawn from quarterly 13F disclosures, which give a lagged view of institutional holdings in U.S.-listed products. Because the data reflects reported positions rather than real-time trading, the reduction should be read as a change in reported exposure across the period rather than a single sell-off.
The story was also carried by Crypto Briefing and TradingView under the same headline, which confirms the core figures. Readers seeking the full set of Galaxy's conclusions should refer to the original Galaxy Research report.
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