Institutional Bitcoin ETF holdings declined in the first quarter of 2025, marking the first quarterly decline since spot Bitcoin ETFs debuted in the United States.
According to CoinShares, exposure fell 23% to $21.2 billion, down from $27.4 billion in the fourth quarter of 2024.
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The decline was largely due to an 11% drop in the price of bBitcoin, although some investors actively reduced their positions.
Notably, financial advisors bucked the trend and slightly increased their holdings.
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Meanwhile, corporate adoption of Bitcoin shifted toward long-term treasury reserves rather than speculation with ETFs.