Institutional Bitcoin ETF holdings drop 23% in Q1, mainly due to price decline: CoinShares

Institutional holdings in U.S. spot Bitcoin (BTC) ETFs dropped to $21.2 billion at the end of Q1 2025, down 23% from $27.4 billion in Q4 2024, according to a new CoinShares report based on SEC 13-F filings. This marks the first quarterly decline since the ETFs launched in January 2024. CoinShares noted that much of the decrease in assets under management was due to an 11% drop in Bitcoin’s price, rather than a broad sell-off. While hedge funds trimmed their stakes by nearly a third—likely taking profits—financial advisors increased their holdings in BTC terms, signaling a gradual reallocation toward BTC within client portfolios.