According to CoinShares, price depreciation, not selling pressure, was the main factor behind the drop in institutional BTC ETF exposure.
Bitcoin exchange-traded funds (ETFs) overseen by institutional investors shrank in early 2025, marking the first quarterly drop since US spot ETFs launched.
According to a recent CoinShares report, institutional investors’ exposure to Bitcoin (BTC) dropped to $21.2 billion in Q1 2025 from $27.4 billion in Q4 2024, representing a 23% decrease over the period.
The report, based on companies’ filings with the US Securities and Exchange Commission (SEC), attributed much of the decline to an 11% quarter-over-quarter drop in Bitcoin’s price, rather than a reduction in position sizes. Still, many investors trimmed their holdings, signaling a mix of valuation impact and active selling.
