In the fourth quarter, large investors sold shares of exchange-traded funds (ETFs) based on the first cryptocurrency, totaling the equivalent of 25,098 BTC. This data was provided by Bloomberg analyst James Seyffart.
What did 13F filers do with the Bitcoin ETFs in Q4??
— James Seyffart (@JSeyff) February 24, 2026
In what should not be much of a surprise — they were sellers. Advisors and Hedge Funds (the two largest holder categories) were the biggest sellers. Overall 13F Filers sold ETF shares equivalent to ~25,000 Bitcoin in 4Q 2025. pic.twitter.com/0MEbzXVDb1
The main sellers were hedge funds and investment advisors. Brevan Howard was the most active, liquidating more than 17,000 BTC worth of shares.
This asset sell-off occurred amid a correction in the crypto market, as Bitcoin's price plummeted from a historic high above $120,000 to below $63,000.
Despite the mass sell-off at the end of last year, on February 24, net inflows into spot Bitcoin ETFs reached $257.71 million. The FBTC fund from Fidelity attracted the most, bringing in $82.8 million.
Source: SoSoValue.Coinbase Premium
An analyst known as nino believes that the behavior of the Coinbase premium is the main reason for the recent decline in digital gold prices.
Coinbase Premium SMA-30 Rejection Above Zero Emerges as Potential Trigger for Bitcoin Slide
— CryptoQuant.com (@cryptoquant_com) February 24, 2026
“This lack of sustained recovery in the premium, despite the temporary uptick, is considered a potential trigger for the recent downward price action.” – By @nino_trade pic.twitter.com/LtM9EpQ9ro
The expert noted that the SMA-30 index briefly exceeded zero but failed to maintain a positive position as the new week began.
Recall that in February, Strategy invested $39.8 million in the first cryptocurrency.