ETFs have seen consecutive net outflows and Bitcoin has fallen below $73,000, yet institutions are quietly adding to their positions—the sellers in this round aren’t all the same.
A Q3 13F filing submitted on November 10 by Chicago-based wealth management firm HighTower Advisors shows that, as of September 30, it held $155 million worth of spot Bitcoin ETFs, up 50% from the previous quarter. Over the same period, it also increased its MicroStrategy holdings to $9 million. The firm reported roughly $106 billion in holdings across 3,820 securities in its 13F filing, so $155 million is only a small fraction—but the direction is clear.
This isn’t an isolated case. Over the third quarter, U.S. spot Bitcoin ETFs saw net inflows of about 79,800 Bitcoin, worth roughly $6.2 billion. By quarter-end, wealth managers were estimated to hold exposure to about 185,000 Bitcoin through ETFs, accounting for 57% of institutionally reported holdings. Meanwhile, hedge funds and banks are still pulling back—they had already cut their positions by 22% in Q2. From the end of last September to the end of this June, nine institutions reduced their holdings by a combined roughly 68,000 Bitcoin. They were running a basis trade: buying ETFs and shorting CME futures. Once the spread stopped paying, they exited.
At the time of writing, Bitcoin was around $73,800. A day earlier, it had fallen below $73,000, hitting its lowest level since August. Short-term fund flows and quarterly holdings tell two different stories: ETFs have seen consecutive net outflows in November, while Q3-end 13F filings show wealth managers adding to their positions.
How to read this: A 13F is a snapshot as of September 30, reflecting holdings at the end of Q3. It doesn’t mean they’re still buying in November, so don’t treat it as a signal to buy the dip. But the changing mix of buyers is worth watching. Once arbitrage traders leave, the remaining holdings look more like long-term allocations, and volatility is driven less by basis convergence and more by supply, demand, and macro factors. The real test comes on November 16, the deadline for Q3 13F filings. Only after the major institutions have filed will it become clear whether this buying was just HighTower or whether the entire wealth management channel is moving. If Bitcoin holds above $72,700, the long-term money thesis can hold; if it breaks below that level on heavy volume, the quarterly holdings story will need to be reassessed.
Data as of: 2026-11-11 02:45 UTC
For informational purposes only; not investment advice.
$BTC
A Q3 13F filing submitted on November 10 by Chicago-based wealth management firm HighTower Advisors shows that, as of September 30, it held $155 million worth of spot Bitcoin ETFs, up 50% from the previous quarter. Over the same period, it also increased its MicroStrategy holdings to $9 million. The firm reported roughly $106 billion in holdings across 3,820 securities in its 13F filing, so $155 million is only a small fraction—but the direction is clear.
This isn’t an isolated case. Over the third quarter, U.S. spot Bitcoin ETFs saw net inflows of about 79,800 Bitcoin, worth roughly $6.2 billion. By quarter-end, wealth managers were estimated to hold exposure to about 185,000 Bitcoin through ETFs, accounting for 57% of institutionally reported holdings. Meanwhile, hedge funds and banks are still pulling back—they had already cut their positions by 22% in Q2. From the end of last September to the end of this June, nine institutions reduced their holdings by a combined roughly 68,000 Bitcoin. They were running a basis trade: buying ETFs and shorting CME futures. Once the spread stopped paying, they exited.
At the time of writing, Bitcoin was around $73,800. A day earlier, it had fallen below $73,000, hitting its lowest level since August. Short-term fund flows and quarterly holdings tell two different stories: ETFs have seen consecutive net outflows in November, while Q3-end 13F filings show wealth managers adding to their positions.
How to read this: A 13F is a snapshot as of September 30, reflecting holdings at the end of Q3. It doesn’t mean they’re still buying in November, so don’t treat it as a signal to buy the dip. But the changing mix of buyers is worth watching. Once arbitrage traders leave, the remaining holdings look more like long-term allocations, and volatility is driven less by basis convergence and more by supply, demand, and macro factors. The real test comes on November 16, the deadline for Q3 13F filings. Only after the major institutions have filed will it become clear whether this buying was just HighTower or whether the entire wealth management channel is moving. If Bitcoin holds above $72,700, the long-term money thesis can hold; if it breaks below that level on heavy volume, the quarterly holdings story will need to be reassessed.
Data as of: 2026-11-11 02:45 UTC
For informational purposes only; not investment advice.
$BTC
