**[10X Research: Bitcoin ETF Holdings Moderately Decrease, Still Dominated by Neutral and Hedged Positions]** BlockBeats News, February 18: Crypto research institution 10X Research pointed out that despite Bitcoin's price dropping 46% from its peak, Bitcoin ETFs have only recorded a net outflow of $8.5 billion, which is a relatively moderate decrease compared to the total assets under management of ETFs. The structural characteristics of ETF ownership show that the dominant holders are market makers and arbitrage-focused hedge funds. Most of their positions are hedged or market-neutral rather than directional bets on Bitcoin. Additionally, long-term institutional investors, who have a lower turnover rate and longer investment horizons, also hold a significant proportion of the positions. According to the latest Q4 2025 13F filings, it is estimated that 55–75% of the $61 billion in assets under BlackRock's IBIT is still held by market makers and arbitrage-focused hedge funds. During Q4 2025, when Bitcoin's price consolidated around $88,000, market makers reduced their exposure by approximately $1.6–2.4 billion, reflecting a decline in speculative demand and reduced arbitrage opportunities.