Bitcoin ETF Selling Wasn’t Primarily Institutional! 👀
Q2 2026 recorded the largest quarterly Bitcoin ETF outflow on record, with 77,033 $BTC leaving spot ETFs.
However, the ownership data adds important context.
13F filings indicate that institutional holders reduced their exposure by just 1,195 $BTC, marking the third consecutive quarter of institutional net selling. The remaining 75,839 BTCs came from non-13F holders, suggesting that the overwhelming majority of the outflow was driven by retail and other investors outside traditional 13F reporting.
Q2 2026 recorded the largest quarterly Bitcoin ETF outflow on record, with 77,033 $BTC leaving spot ETFs.
However, the ownership data adds important context.
13F filings indicate that institutional holders reduced their exposure by just 1,195 $BTC, marking the third consecutive quarter of institutional net selling. The remaining 75,839 BTCs came from non-13F holders, suggesting that the overwhelming majority of the outflow was driven by retail and other investors outside traditional 13F reporting.