Institutional Bitcoin ETF Holdings Decline, Leading to Price Drop

In Q1 2025, a notable decline was observed in institutional Bitcoin ETF holdings. Key players such as Millennium Management LLC and Brevan Howard, who have been prominent in crypto ETFs since their US introduction in January 2024, significantly reduced exposure to high-profile ETFs like BlackRock’s iShares Bitcoin ETF. This reduction is attributed to decreased arbitrage opportunities noted in recent regulatory filings.