Wall Street firms cut 68,000 BTC from spot Bitcoin ETFs as sovereign funds step in

Institutional investors filing 13F reports reduced their combined Bitcoin ETF holdings by 14% from September 2025 to June 2026, dropping from 355,000 BTC to 307,000 BTC. A small group of nine firms, including Millennium Management and Goldman Sachs, accounted for the entire decline by selling 68,000 BTC worth approximately $5.4 billion. Meanwhile, sovereign wealth funds such as Mubadala and the Abu Dhabi Investment Council, along with wealth management arms like Morgan Stanley, increased their positions. Galaxy Research attributes the selling not to a bearish outlook on Bitcoin, but to the narrowing of the cash-and-carry trade basis, which fell to just 0.6 points over Treasury bills, making the strategy less profitable.