Here's the detailed list of institutional trading for the ETH spot ETF in Q4 2025. The data doesn’t look great—Goldman (高盛) and Millennium, ranked first and second in holdings, were the main sellers. On the other hand, SIG, ranked third, increased their position slightly. Additionally, Morgan Stanley (摩根士丹利) and Citadel showed net inflows. Notably, Harvard University’s endowment fund, a new addition in Q4, bought nearly 30,000 ETH, making it the largest new buyer of the quarter. The data also shows hedge funds and trading desks selling like crazy. @bitget VIP, lower fees, crazier perks!