Institutions are also fleeing; this wave of faith recharging is a bit expensive.

According to CoinShares, in the first quarter of 2026, professional investors sold off 39% of their holdings in the US spot Bitcoin ETF, reducing their holdings from 313,000 to 261,000 BTC, a decrease of 17% or 31,400 BTC; the market value dropped to $17.8 billion, a 35% decline from the previous quarter. The market share of 13F filers decreased from 24.7% to 20.8%. Analysts stated that this pattern aligns with previous downturn periods, where leveraged and tactical investors tend to reduce their positions during a decline.