Analysis: Professional investors reduced their Bitcoin ETF exposure by 52,000 units in the first quarter, a decrease of 17%
According to Cointelegraph, CoinShares analyzed quarterly 13F filings and found that professional investors reduced their Bitcoin ETF exposure from 313,000 BTC to 261,000 BTC in the first quarter, a decrease of 52,000 BTC, or 17%. The total value of these holdings fell by 35% to $17.8 billion, while the share of U.S. Bitcoin ETF assets held by 13F filers dropped from 24.7% to 20.8%.
The sell-off was mainly concentrated among hedge funds and brokerages, which accounted for about 96% of the total reduction. Hedge funds reduced their holdings by 31,400 BTC (a decrease of 39%), while brokerages cut their holdings by 18,800 BTC (a decrease of 53%). In contrast, the largest category of professional investors—investment advisors (holding 150,300 BTC)—only reduced their holdings by 5.9%. Banks, on the other hand, more than doubled their Bitcoin ETF holdings, increasing by 7,800 BTC during the quarter.
CoinShares digital asset analyst Matt Kimmell stated, "This dataset is consistent with the historical performance of the Bitcoin market during downturns, with leverage and strategic positions being cleared."
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