Wall Street’s Fast Money Fled Bitcoin ETFs, Sovereign Funds Stepped In

Institutions that file quarterly 13F reports with the SEC held 355,000 BTC worth of spot ETF shares at the end of September 2025, just before Bitcoin’s all-time high. By June 2026, that had fallen to 307,000 BTC, a 14% drop, according to a Galaxy Research report published Monday.
Nine firms account for more than all of that decline: Millennium Management, Brevan Howard, Goldman Sachs, Capula Management, Farallon Capital, D.E. Shaw, Schonfeld Strategic Advisors, Symmetry Investments and Tudor Investment. Together they cut 68,000 BTC worth of exposure, roughly $5.4 billion at today’s prices, trimming their positions by between 29% and 100%.
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