Bitcoin ETFs log ~25,000 BTC net selling in Q4 2025

Quarterly 13F disclosures to the U.S. Securities and Exchange Commission (SEC) provide a lagged, position-level look at institutional holdings in U.S. spot Bitcoin  BTC +0.00% ETFs.

This article summarizes what those filings and contemporaneous reporting reveal about Q4 positioning, why institutions reduced risk, and how to contextualize the data.

Seyffart’s SEC 13F analysis: ~25,000 BTC-equivalent net selling in Q4 2025

Most 13F filers were net sellers of U.S. spot Bitcoin ETF shares in Q4 2025, offloading the equivalent of roughly 25,000 BTC, according to BitcoinWorld.

These figures come from aggregated holdings in managers’ quarter-end 13F submissions. The disclosures reflect positions at the reporting date, not intraday flows or subsequent changes.

The selling was concentrated among professional allocators captured by 13F, a universe that includes hedge funds and investment advisors.

Why institutions sold: rebalancing, profit-taking amid BTC drawdown; basis-trade unwinds

Several mechanics likely contributed to the net trimming. Year-end portfolio rebalancing can force risk budgets lower after large price swings, prompting sales even without a change in long-term views.

Profit-taking is also consistent with the quarter’s volatility. In parallel, unwinds of basis strategies, where funds pair ETF exposure with offsetting derivatives, can accelerate de-risking when spreads compress.

“13F filers were net sellers of Bitcoin ETF shares equivalent to roughly 25,000 BTC in Q4 2025,” said Bloomberg Intelligence.

Who sold most and how to interpret 13F Bitcoin ETF data

Brevan Howard led reductions among named filers, shedding more than 17,000 BTC worth of Bitcoin ETF shares, as reported by The Block.

Manager-level 13F lines aggregate discretionary accounts and may include client mandates. They illuminate which institutions held or reduced positions but do not disclose motivations or trade timing.

Brevan Howard led reductions; hedge funds vs advisors diverged in Q4

The roster of sellers spans hedge funds and registered investment advisors. Hedge funds typically manage more tactical exposures, while advisors often implement longer-dated allocation models for clients.

That divergence helps explain why some filers cut swiftly into volatility while others appeared steadier. It also contextualizes large single-fund moves like Brevan Howard’s reduction.

Implications and limits: liquidity, ETH rotation talk, lagged SEC filings

Net institutional selling can weigh on secondary-market liquidity and sentiment in the short run, though primary ETF flows and retail ownership may offset at times.

The interpretive limits are important. 13F data are lagged and cover only part of the holder base, with roughly a quarter of Bitcoin ETF shares attributed to 13F filers, according to Cointelegraph.

There is also discussion of rotation toward Ethereum  ETH +0.00% as relative valuations shift; some institutions are reportedly reallocating in that direction, as reported by The Globe and Mail.

At the time of this writing, Bitcoin is trading near $64,061. It reached an all-time high above $126,000 in October 2025 and has since fallen by roughly half, according to DisruptionBanking.

This article is for informational purposes only and does not constitute investment, legal, or tax advice.