Institutional holdings of U.S. spot Bitcoin ETFs declined only 3.5% in Q4 2025, despite Bitcoin’s 23% price drop. Data from SEC filings shows a decrease from 532,000 to 513,000 BTC held by institutions. While the number of reporting firms fell 14%, 17 of the top 25 holders increased their positions, signaling relative resilience in the face of a deepening bear market.
Institutional ownership of U.S. spot Bitcoin ETFs saw a minor shift during the fourth quarter of 2025. According to aggregated data from 13F filings, holdings dropped from 532,000 BTC to 513,000 BTC, a 3.5% decline. This occurred as Bitcoin’s price fell 23% in that same period.
The products debuted in 2024 and saw Bitcoin surge over 220% to a peak of $126,000. The asset has since halved in value, breaking below the average ETF cost basis of $84,100. The average ETF holder is now approximately 20% underwater with Bitcoin trading around $68,000.
Retail investors still command the majority of ETF holdings, with over 700,000 of the total 1.27 million BTC. Institutional dominance slipped just 1% in Q4 2025, having risen to 40% by the previous quarter. However, the number of firms reporting ETF ownership fell from 2,173 to 1,867.
Seventeen of the top 25 institutional holders increased their exposure last quarter. This group included major entities like JPMorgan Chase, the sovereign wealth fund Mubadala, and asset manager BlackRock. The overall institutional share of BTC ETFs remained largely unchanged through 2025.
It remains unclear whether ETF investors will hold during this first crypto winter for the products. The 13F filings for Q1 2026, set for release in Q2, will provide further insight into their behavior.
