Which institutions are buying and selling BTC spot ETFs in the fourth quarter of 2025? Did the institution run away? Today I saw the ETF data organized by @ JSeyff. James didn't go into too much detail, so I will discuss it based on my own understanding. From the data, although the price of Bitcoin has already shown a downward trend in the fourth quarter, this is not a collective run by institutions, but more like internal turnover within institutions, trading or arbitrage institutions selling to reduce risk, while long-term investment funds are taking over. From the summary chart of institutional types, it can be seen that the total exposure under the current disclosure caliber is approximately $27.3 billion, corresponding to 311700 BTC. The single period change is a decrease of 25098 BTC. This number itself is indeed not small, indicating that institutions have overall reduced their holdings in this period, which is an undeniable fact. But this is a quarterly data, which means that an institution reduced its holdings of 25000 BTC in three months. Compared to the institution's holdings, the reduction in holdings was 8%. This data is not large, so it cannot be said that the institution collapsed. The latter is an institution running away, and detailed data still needs to be seen. Structurally, exposure is still highly concentrated in the trading and intermediary systems of traditional finance. among which Investment Advisor Hedge Fund Manager Brokerage These three categories add up to approximately 273200 BTC, accounting for nearly 88% of the total disclosed exposure. This indicates that the main force of institutional holdings is still in the hands of funds that can quickly adjust positions, hedge, and arbitrage. So when market volatility increases, such funds are given priority to exit, which is also very normal, but the scale of exit is more like risk control, position recovery, and strategic rebalancing, rather than a market wide bearish clearance operation. Looking at the institutions that have increased their holdings, they mainly include: Holding Company+6970 BTC Government+2247 BTC Unclassified+1278 BTC There are also some home run, insurance, and private equity funds that are increasing slightly. This indicates that there are still funds buying, especially for companies with strategic reserves. Although everyone is nervous, they are still increasing their holdings in the fourth quarter, PS: You should know that this is ETF data, not actual BTC holdings data, so MSTR is not included in this 13F statistical data. If we look at the specific list of institutions again, this differentiation will be even more apparent. The obvious increase in holdings includes some well-known names such as Millennium, Jane Street, Morgan Stanley, BlackRock, Citadel, as well as Abu Dhabi related entities that are buying Bitcoin spot ETFs, indirectly holding Bitcoin. On the selling end, we can see Brevan Howard, Goldman Sachs, as well as some multi strategy funds and trading institutions selling. That's why I say it's not a trend of institutions uniformly bearish and running away, but a typical divergent market where some institutions are reducing their risk appetite, some are adjusting their positions, and some are continuing to allocate. So in my opinion, the reduction of institutional positions in the fourth quarter is more like a decrease in risk appetite dominated by trading or arbitrage funds, rather than a comprehensive withdrawal of long-term funds. So through the data, it can be known that it is not the institutions that have completely bearish on Bitcoin, nor is it the so-called institutions running away, but rather the institutions have begun to enter a more obvious stage of differentiation and rebalancing of positions internally. For the market, this stage is often the most prone to emotional interpretation, as price declines amplify panic, but the capital structure itself does not show signs of indiscriminate retreat. @bitget VIP， Lower rates and more generous benefits