According to Bloomberg, hedge funds that once fueled the U.S. Bitcoin ETF craze are rapidly pulling out. Data from CF Benchmarks shows that the total Bitcoin ETF allocation by the largest hedge fund holders dropped by 28% from Q3 to Q4 of 2025. Research director Gabe Selby stated that the main theme over the past two quarters has been hedge funds de-risking, with October's market peak triggering systematic sell-offs. The previously popular Bitcoin basis trade (buying spot ETFs and shorting CME futures) has seen significantly reduced returns. Amberdata shows that the annualized return of this strategy has dropped to around 4%, down from previous double-digit levels. Meanwhile, investment advisory firms are continuing to increase their IBIT holdings, with positions up 145% year-over-year. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=57072