Institutional investors in Bitcoin exchange-traded funds (ETFs) saw a notable dip in holdings during the first quarter of 2025, marking the first quarterly decrease since the introduction of U.S. spot ETFs. According to a report by CoinShares, institutional exposure to Bitcoin declined from $27.4 billion at the end of 2024 to $21.2 billion in the first quarter of 2025, reflecting a 23% reduction over that period. The decline can be attributed primarily to a 11% drop in Bitcoin’s price during the quarter, rather than substantial decreases in individual investment positions. However, this shift reflects a combination of valuation impacts and active selling by investors.