Between September 2025 and June 2026, nine major Wall Street firms reduced their exposure to spot Bitcoin ETFs by approximately 68,000 BTC, while reporting institutions collectively increased their holdings by 20,000 BTC. The shift is primarily attributed to declining futures premiums, which reduced the appeal of arbitrage strategies between spot ETFs and Bitcoin futures. Meanwhile, sovereign wealth funds and wealth managers, including Mubadala, the Abu Dhabi Investment Council and Morgan Stanley’s wealth management business, increased their positions. Galaxy Research estimates that ETF holders retained about 89% of their exposure between the October 2025 peak and the July 2026 trough, despite Bitcoin’s price falling by 53%.
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