Bitcoin ETF holders largely weathered bitcoin’s first major drawdown of the current cycle, holding their ground as the cryptocurrency fell 23% during the fourth quarter of 2025, according to a recent analysis of Securities and Exchange Commission 13F filings from CoinShares.

Global bitcoin ETF flows remained positive at $3.7 billion during the quarter despite the price decline, according to the report. The data suggests most selling pressure came from long-time bitcoin holders taking profits rather than newly onboarded institutional capital exiting positions.

The findings highlight a rotation among professional bitcoin ETF holders rather than wholesale capitulation, with advisors and hedge funds trimming exposure while endowments and sovereign wealth funds quietly increased their positions throughout the quarter.

Total assets under management across U.S. bitcoin ETFs fell by roughly 25% in Q4, though the decline was almost entirely price-driven given bitcoin’s 23% pullback during the period, the report states. Professional filers saw assets under management decline 24%, while the rest of ETF holders experienced a 26% reduction.

For the full year, professional bitcoin ETF ownership grew 32%, outpacing the broader ETF investor base’s 18% growth, according to CoinShares data. The divergence points to continued institutional adoption despite short-term volatility.

Bitcoin ETF Holder Mix Shifts

Advisors reduced exposure during Q4, likely due to rebalancing positions back to target weights or general de-risking, the report notes. The cohort still accounts for 50% to 60% of reported professional exposure and remains up 34.7% year-over-year.

Hedge fund exposure declined nearly 10%, tracking expectations given the quarter’s leverage unwind and more attractive opportunities in minerals, artificial intelligence, and precious metals, CoinShares states.

Endowments, pensions, and governments continued building positions throughout the quarter, according to the filing data. Morgan Stanley added roughly $155 million in bitcoin ETF exposure, while the Mubadala sovereign wealth fund in the United Arab Emirates increased its position by approximately $188 million at quarter-end prices.

Harvard Management Company reduced its bitcoin ETF holdings by roughly 20%, though the endowment maintained a $265 million position as of December 31, the filings show. Dartmouth became the fourth university to disclose bitcoin ETF exposure, joining Harvard, Brown University, and Emory University.

Brevan Howard, one of the world’s largest global macro hedge funds, reduced its position by approximately $1.4 billion, while Millennium Management increased exposure by roughly $663 million, according to the CoinShares analysis.

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