Journalist
Posted:
Institutional ownership of US spot Bitcoin ETFs (exchange traded funds) changed only slightly, despite BTC’s 23% price decline in Q4 2025.
According to aggregated facts After 13F filings with the SEC, institutional holdings fell from 532,000 BTC (Q3 2025) to 513,000 BTC (as of Q4 2025) – a drop of 19,000 BTC.
This translated to one Decrease of 3.5% in BTC’s institutional holdings.
Source: X/Root
In total, the institutions still held more than half a million BTC.
With the asset entering a bear market phase in early 2026, it will be interesting to gauge whether institutions could be diamond hands in an extended crypto winter.
The US spot BTC ETFs debuted in 2024, right at the start of this cycle’s bull run. The BTC price then went parabolic, rising from $40,000 to $72,000, then to $100,000, eventually reaching a high of $126,000.
This marked a +220% run since their debut.
However, BTC’s decline worsened in 2026, halving its value. In fact, it broke below the average cost basis of BTC ETFs of $84.1K.
Now the average ETF holder is about 20% underwater, based on the BTC price at the time of writing of $68,000.
Since this is the product’s first crypto winter, it’s unclear whether ETF investors will still own it during the capitulation. The 13F filings for the first quarter of 2026, which will be released in the second quarter, will shed light on their action.
Institutional vs. retail Bitcoin: ETF share
From a dominance perspective, retail was still in charge of the US spot BTC ETF positions. Of the 1.27 million BTC held by ETFs, more than 700,000 BTC are owned by retail investors.
Source: X/Root
Although institutional investments have been on the rise since 2024, rising 10% to a high of 40% in the third quarter of 2025, they stagnated at the end of 2025.
However, compared to the third quarter of 2025, the dominance of institutions has only decreased by 1%. So even though retail still holds the market share, institutions still held the reins.
But based on the number of companies holding BTC ETFs, there was a decline of 14%. The number of companies that reported owning BTC ETFs fell from 2,173 to 1,867, the highest drop since 2024.
Source: X/Root
Still, 17 of the 25 largest institutional BTC ETF holders increased their exposure in the fourth quarter, including major banks (JPMorgan Chase), sovereign wealth funds (Mubadala) and asset managers (BlackRock).
Overall, the institutional share of BTC ETFs remained unchanged last year. But it remains to be seen whether they will remain diamond hands beyond the crypto winter in Q1 2026, especially with current ETF outflows matching Q4 levels.
Source: Glassnode
Final summary
- The institutional share of BTC ETFs remained unchanged in Q4 2025, declining only 1%.
- More than half of the top 25 BTC ETF holders increased their positions in the past quarter.