In the first quarter of 2026, institutional investors filing 13F forms reduced their positions in U.S. spot Bitcoin ETFs by 17%. This is detailed in a report by CoinShares.

The total assets under management by professional investors fell from 313,000 BTC to 261,000 BTC. In monetary terms, the value of these positions dropped by 35% to $17.8 billion.

The share of 13F investors in the overall Bitcoin ETF market decreased from 24.7% to 20.8%.

Source: CoinShares.

Analysts noted that this trend coincided with a market correction: during the reporting period, the price of the leading cryptocurrency fell by 22%, reaching $68,000. In February, prices briefly dipped below $60,000, marking nearly a 50% decline from the all-time high of $126,000 recorded in October 2025.

The bulk of the sales came from hedge funds and brokerage firms, which accounted for 96% of the net outflow. Hedge funds cut their positions by 31,400 BTC (−39%), while brokerages reduced theirs by 18,800 BTC (−53%). Notably, Jane Street decreased its holdings by 10,800 BTC, and Morgan Stanley completely exited its position of 8,300 BTC (analysts linked this to the launch of its own MSBT fund).

Source: CoinShares.

Investment advisors, remaining the largest group of holders (150,300 BTC), showed resilience, reducing their positions by only 5.9%.

Bank positions increased by 7,800 BTC, surpassing 15,200 BTC:

  • JPMorgan Chase added 3,000 BTC;
  • Wells Fargo increased its position by 4,000 BTC;
  • Citigroup disclosed its ownership of 97 BTC for the first time.

“The data aligns with historical market behavior during downturns. Short-term leveraged strategies unwind, and supply shifts from impulsive players to long-term holders: advisors, banks, and sovereign funds,” explained CoinShares analyst Matt Kimmell.

Among government entities, the Mubadala fund from Abu Dhabi acquired 1,100 BTC. Meanwhile, endowments reduced their investments by 40%, primarily due to Harvard University selling 1,300 BTC.

As a reminder, from May 25 to 29, the outflow from digital asset-based investment products totaled $1.67 billion.