Harvard cleared its Ethereum ETF and significantly reduced its Bitcoin ETF holdings in Q1 2026. Actually, it can't be considered a shocking reversal. This is a normal institutional operation. Harvard Management Company manages approximately $50 billion in large-scale assets, with a small proportion of crypto ETFs (after clearing ETH and reducing IBIT, the remaining IBIT is only about $117 million). Their logic is not that of individual investors, they have their own institutional investment discipline: The most important point among them is asset rebalancing+risk control. University donation funds have a large scale, entrusted responsibilities, their own KPIs, risk models, and liquidity requirements. Anyone who has worked in a large company or institution can empathize with this. Large institutions are not individual investors and will not engage in casual activities. The primary point is to control volatility and ensure sufficient liquidity. In addition, other long-term investments such as private equity are also required. Last year in Q4, Harvard Endowment Fund also reduced its BTC holdings and added ETH (selling IBIT holdings into ETH ETF), but now due to poor Q1 performance (large fluctuations, no improvement), it has directly sold BTC and reduced its BTC holdings by 43%. It can be understood as a tactical retreat, rather than a complete bearish view. When encrypted assets re-enter the ranks of popular assets, they will come back. Finally, the 13F filing is only a lagging snapshot (reflecting the position held at the end of March), and institutions trade every day. It is unknown if they repurchase later. Moreover, not all large institutions have the same market view. At the same time, Abu Dhabi's sovereign wealth fund Mubadala increased its position in IBIT by 16%, raising its holdings to approximately $566 million, and has been increasing its holdings for five consecutive quarters. Other universities such as Dartmouth have also stabilized BTC. The market exists only when there is buying and selling.