Brevan Howard Capital Management sharply reduced its exposure to BlackRock's spot Bitcoin ETF (fund holding Bitcoin directly), according to a U.S. SEC (securities regulator) 13F filing. The firm held about 7.21 million IBIT shares at the end of the second quarter, down about 70.3% from about 24.30 million shares at the end of the first quarter, with the position valued at about $240 million. Graham Capital Management made a similar move, cutting its IBIT holdings to about 259,000 shares from about 926,000 in the prior quarter, a decline of about 72.0%, leaving the stake valued at about $8.62 million. The disclosures offer a quarterly snapshot of how major investment managers adjusted positions in one of the largest U.S.-listed Bitcoin investment vehicles.