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#Gate广场发帖领五万美金红包
Golden Finance reports that the crypto research firm 10X Research points out that although Bitcoin prices have fallen 46% from their peak, Bitcoin ETFs have only experienced a net outflow of $8.5 billion, which is a relatively moderate decrease relative to the total ETF assets under management.
The structural characteristics of ETF ownership show that the dominant holders are market makers and hedge funds focused on arbitrage, whose positions are mostly hedged or market-neutral rather than directional bets on Bitcoin. Additionally, long-term institutional investors, who have lower turnover rates and longer investment horizons, also hold a significant share.
According to the latest 13F filing data for Q4 2025, it is estimated that 55–75% of the $61 billion assets under IBIT, a subsidiary of BlackRock, are still held by market makers and arbitrage-focused hedge funds. During Q4 2025, as Bitcoin prices hovered around $88,000, market makers reduced their exposure by approximately $1.6–2.4 billion, reflecting decreased speculative demand and reduced arbitrage activity.