Just saw some data from the 13F filings showing the Q4 2025 IBIT purchase data. From this chart, you can see that among IBIT's largest holders, market makers or trading institutions account for a significant proportion. The top names in the chart include Jane Street, Morgan Stanley, Barclays, RBC, Simplex, Schonfeld, Balyasny, Weiss, Nine Masts, Marex, and others. Many of these institutions are market makers or trading firms. The data shows that in Q4, there were still many institutions buying Bitcoin spot ETFs. Of course, this doesn’t necessarily mean these institutions are bullish and buying IBIT. It’s very likely they’re buying for hedging or arbitrage purposes. But that’s not the main point. The key takeaway is that most of the BTC purchased is locked up and rarely flows back into the market in the short term, effectively lowering the market’s liquidity ceiling. Among them, Jane Street Group LLC held 20,315,780 shares in Q4 2025, accounting for approximately 1.51% of IBIT’s circulating shares, with an increase of about 7,105,206 shares in Q4. They are the largest institutional holder. Although we didn’t see much information about ETFs buying Bitcoin in Q4, it’s clear that institutions are continuing to buy. @bitget VIP, lower fees, bigger perks!