#JaneStreet减持比特币ETF Jane Street Q1 Makes Major Cuts to Bitcoin ETF Holdings: A Strategic Rebalancing

The 13F filing disclosed on May 13, 2026 shows that quantitative giant Jane Street sharply reduced its exposure to Bitcoin spot ETFs in the first quarter. BlackRock’s IBIT holdings fell by about 71% quarter-over-quarter to 5.87 million shares, worth approximately $225 million; Fidelity’s FBTC holdings were cut by about 60% to around 2 million shares, worth approximately $115 million. At the same time, MicroStrategy’s holdings dropped from 968,000 shares to 210,000 shares (a decline of 78%), and its holdings in Bitcoin mining companies were reduced accordingly.

1. Price Weakness Drives Tactical Withdrawal, Not Exit

The market context for this selling action is clear: Bitcoin’s price fell by more than 20% in the first quarter. Despite about $1 billion in weekly ETF fund inflows at the end of the quarter, the price still failed to reverse the bearish trend. During the reporting period, Jane Street recorded a record $16.1 billion in trading revenue. This adjustment should be understood as a tactical rebalancing rather than a full withdrawal from crypto assets. Jeff Park, an advisor at Bitwise, even believes that after the reduction, “price discovery has returned,” which instead removes a potential source of pressure for the market.

2. “Double Down” on Ethereum ETFs and Selected Stocks

In sharp contrast to the major cut to Bitcoin exposure, Jane Street nearly doubled its position in Ethereum ETFs, increasing its holdings by a total of about $82 million, covering BlackRock’s ETHA and Fidelity’s Ethereum fund. Stocks related to crypto, including Coinbase, Riot Platforms, and Galaxy Digital, also increased their positions at the same time. Galaxy Digital’s shares surged from 17,000 to 1.5 million. This “sell Bitcoin, buy Ethereum” switch is not an exit from the space, but a style rotation within the crypto ecosystem.

3. Limitations of 13F: A Blind Spot for Derivatives Positions

It is important to emphasize that 13F only discloses long positions in U.S. stocks. It does not include derivatives such as futures, options, and swaps, nor short exposures. As an ETF authorized participant and market maker, Jane Street’s overall crypto risk exposure is far more complex than what this report can reveal—some of the reductions may come from client redemptions rather than its own directional judgment. Therefore, interpreting this move simply as a “bearish Bitcoin” signal carries the risk of being misled by appearances.

Overall, this is a structural strategic rebalancing: tactical withdrawal amid price weakness is carried out in parallel with adding to the Ethereum narrative, reflecting an institutional trend of careful trade-offs and dynamic allocation during a period of market divergence—not the beginning of a crypto bear market.