Hedge funds exit BTC ETF trade as sovereign wealth steps in

From October 2025 high through June, nine hedge funds and banks sold roughly 68,000 Bitcoin ETF shares worth about $5.4 billion. Millennium, Brevan Howard, Goldman Sachs and others trimmed or exited the trade. Sovereign wealth and wealth managers, including Mubadala and Abu Dhabi Investment Council, bought about 20,000 Bitcoin. Smaller investors cut holdings by just 6.6% while price fell 49%. Since June, funds have added 87,000 Bitcoin as straightforward buying. The Fed's policy shift has also reduced expectations of rate hikes.