Şunun için etiket arşivi: bitwise

Institutional investors showed mixed sentiment toward spot Bitcoin exchange-traded funds (ETFs) in the first quarter of 2025, with several high-profile asset managers reducing their stakes as Bitcoin’s price fell 12%. The shift contrasts with earlier quarters, when interest in the new ETF asset class had been rising steadily.

The data, drawn from recent SEC 13-F filings, reflects growing complexity in institutional strategies toward spot Bitcoin ETFs, which debuted in January 2024.

Hedge Funds Trim, Advisors Rebalance:

• Hedge funds notably reduced exposure, largely due to the collapse of the bitcoin futures premium, which previously enabled a profitable basis trade.

“The premium collapsed and reached its nadir around the end of March,” said Matt Hougan, CIO of Bitwise Asset Manager. “I’m not surprised to see hedge funds trim their holdings.”

Notable Moves:

• Millennium Management LLC:

  • Cut its iShares Bitcoin Trust (IBIT) stake by 41% to 17.6 million shares

  • Exited its position in the Invesco Galaxy Bitcoin ETF (BTCO)

  • Increased positions in ARK 21 Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Mini Trust (BTC.P)

• Brevan Howard reduced its IBIT stake by 15.6%

• State of Wisconsin Investment Board fully sold its 6 million-share stake in IBIT

• Brown University entered the crypto ETF space for the first time, with a $4.9 million stake in IBIT

• Abu Dhabi’s Mubadala added to its IBIT position, now holding 8.7 million shares worth $408.5 million

Broader Trends:

While hedge funds pulled back, sovereign wealth funds and universities showed growing interest or continued commitment, reflecting longer-term strategic positioning rather than short-term trading.

“What will be most important… is whether more investment advisory firms are stepping in,” said Hougan.
“That wave of adoption may be a slow-moving train, but it has forward momentum.”

Outlook:

Despite recent volatility and shifting positions, institutional investment in spot bitcoin ETFs is far from fading. The Q1 data suggests that risk appetite and investment horizons continue to diverge across institutional types, highlighting the evolving role of crypto in diversified portfolios.