Professional market participants significantly reduced their exposure to US spot Bitcoin funds in the first quarter of 2026. According to the CoinShares report, institutional investors required to file a 13F form reduced their positions by 17%, amounting to 52,000 BTC in absolute terms. The group’s total assets under management fell to 261,000 coins, and their dollar valuation fell by 35% to $17.8 billion. As a result, the share of such players in the total Bitcoin ETF structure fell from 24.7% to 20.8%.

The main market pressure came from hedge funds and brokerage firms, which accounted for 96% of net outflows. The former eliminated 31,400 BTC, and the latter 18,800. In particular, Jane Street cut investments by 10,800 units and Morgan Stanley closed its position at 8,300 BTC. At the same time, investment advisors demonstrated high resilience, cutting portfolios by only 5.9%, and the banking sector, on the contrary, increased its presence in assets: credit institutions increased their positions by 7,800 BTC. Among the buyers were JPMorgan Chase (+3,000 BTC), Wells Fargo (+4,000 BTC) and Citigroup, which for the first time revealed 97 coins.

Experts link this trend to the overall market correction: during the reporting period, the price of Bitcoin fell by 22%, falling below $60,000 at some points. CoinShares analyst Matt Kimmel explained that the current situation reflects a classic capital rotation: short-term speculators move out of position, redistributing assets in favor of long-term holders - advisors, banks and sovereign wealth funds. A striking example of the latest trend is Abu Dhabi’s Mubadala Fund, which has acquired 1,100 BTC, while university endowments have cut their investments by 40%, largely due to Harvard’s sale of 1,300 coins.