Galaxy Research says a handful of hedge funds drove almost all the 13F selling in U.S. spot Bitcoin ETFs — while sovereign wealth and wealth platforms bought.
Nine multi-strategy desks — including Millennium, Brevan Howard, Goldman Sachs and Tudor — cut about 68,000 $BTC of spot ETF exposure from end-September 2025 to end-June 2026, more than the 48,000 BTC net decline across all 13F filers. Galaxy’s Alex Thorn argues they were unwinding cash-and-carry trades after the futures basis shrank to roughly 0.6 points over Treasury bills, not abandoning Bitcoin itself.
Morgan Stanley’s wealth arm, Mubadala and the Abu Dhabi Investment Council were among the buyers. Non-13F holders cut only about 6.6% while the price fell roughly 49%. Since the June low, Galaxy says the ETFs have added about 87,000 BTC of more directional buying.
#Bitcoin #ETF #Crypto
DYOR. Not financial advice.
Nine multi-strategy desks — including Millennium, Brevan Howard, Goldman Sachs and Tudor — cut about 68,000 $BTC of spot ETF exposure from end-September 2025 to end-June 2026, more than the 48,000 BTC net decline across all 13F filers. Galaxy’s Alex Thorn argues they were unwinding cash-and-carry trades after the futures basis shrank to roughly 0.6 points over Treasury bills, not abandoning Bitcoin itself.
Morgan Stanley’s wealth arm, Mubadala and the Abu Dhabi Investment Council were among the buyers. Non-13F holders cut only about 6.6% while the price fell roughly 49%. Since the June low, Galaxy says the ETFs have added about 87,000 BTC of more directional buying.
#Bitcoin #ETF #Crypto
DYOR. Not financial advice.
