Bloomberg Analyst: 13F Filers Sold Bitcoin ETF Shares Equal to 25,000 BTC in Q4 2025

Institutional investors reduced their exposure to spot Bitcoin ETFs in the fourth quarter of 2025, according to data shared by James Seyffart.Posting on X, the Bloomberg analyst said institutions that filed Form 13F disclosures with the U.S. Securities and Exchange Commission collectively sold ETF shares equivalent to approximately 25,000 Bitcoin (BTC) during Q4.Investment Advisers and Hedge Funds Lead SellingSeyffart noted that investment advisory firms and hedge funds, which represent the largest categories of 13F filers by Bitcoin ETF holdings, were also the primary net sellers in the quarter.Form 13F filings are required for institutional investment managers overseeing at least $100 million in assets and provide a quarterly snapshot of equity and ETF holdings. While the data does not capture real-time positioning, it offers insight into institutional exposure trends.Institutional Positioning Shift in Q4The estimated 25,000 BTC equivalent reduction reflects a notable shift in institutional allocation during the quarter, which coincided with heightened macro uncertainty and increased volatility in digital asset markets.Although the filings indicate net selling among reporting institutions, 13F data covers only U.S.-regulated entities and does not capture all global flows or derivatives exposure.