Between October 2025’s peak and the end of June, nine hedge funds and banks sold roughly 68,000 BTC ETF shares worth about $5.4 billion, mainly as an arbitrage trade became less profitable. At the same time, Morgan Stanley, Mubadala, the Abu Dhabi Investment Council and about 2,200 other filers bought nearly 20,000 BTC. Smaller investors reduced their holdings by just 6.6% while Bitcoin fell 49%. Since June, funds have bought back 87,000 BTC, BTC ETFs recorded $137 million in new inflows, and expectations of monetary tightening have diminished.
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