Hedge Funds Slash Bitcoin ETF Holdings by 28% in Late 2025

Multiple high-credibility reports directly state that hedge funds cut their Bitcoin ETF allocations by 28% in late 2025, specifically from Q3 to Q4 2025. Bloomberg reported this figure, citing CF Benchmarks analysis of SEC 13F filings, which are primary data for institutional holdings. Additional coverage reiterates the same 28% reduction and aligns with analysis of 13F filings through Q4 2025, indicating consistent, independently verifiable evidence. Complementary reports note sizeable net sales in Bitcoin ETF equivalents during Q4 2025, which supports a substantial reduction in holdings. There are no material contradictions; instances of other investor categories increasing holdings (e.g., sovereign wealth funds or advisers) do not refute the hedge fund-specific decline. The main nuance is that the quantified 28% pertains to the largest hedge fund holders captured in 13F data rather than every hedge fund industry-wide. Nonetheless, the evidence strongly supports the statement as phrased, with the common interpretation of 'late 2025' mapping to Q4 2025.