Brevan Howard Capital Management reduced its holdings in BlackRock's spot Bitcoin ETF, IBIT, from 24.3 million shares to 7.21 million shares in the second quarter, according to SEC filings. According to Foresight News, the hedge fund cut its position by about 70.4%, with the quarter-end value at about $240 million.

Graham Capital Management also lowered its IBIT holdings in the same period, trimming its stake from 926,000 shares to 259,000 shares. According to Foresight News, the hedge fund reduced its position by about 72%, with the quarter-end value at about $8.62 million.