Bloomberg ETF analyst James Seyffart said holders of spot bitcoin ETFs reduced exposure during the fourth quarter of 2025, selling shares equivalent to roughly 25,000 BTC based on 13F filings.
What 13F filings showed
Seyffart wrote in an X post that 13F filers were net sellers during Q4.
He said the group sold ETF shares equivalent to about 25,000 bitcoin, and later cited a figure of 25,098 BTC worth of shares sold across the publicly traded funds.
Price drop during the quarter
The selling came as bitcoin fell sharply in Q4 2025, dropping from an all-time high above $120,000 to under $85,000.
Bitcoin was trading around $64,000 as of Tuesday.
Biggest reductions and major issuers
Seyffart also shared Bloomberg data indicating Brevan Howard cut the most exposure, shedding more than 17,000 BTC worth of shares.
BlackRock and Fidelity issue the two largest spot bitcoin ETFs by assets under management, including BlackRock’s IBIT and Fidelity’s FBTC.
Outflows continue into February
The report follows a stretch of net outflows for U.S. spot bitcoin ETFs.
The 12 funds shed about $316 million during the four-day week ending Feb. 20, according to SoSoValue.
U.S. spot ETF holdings and history can be tracked via Bitbo’s U.S. bitcoin ETFs database, alongside ETF flows data.
