U.S. spot Bitcoin ETFs saw $104.9 million in net outflows on Tuesday, as total trading volume fell sharply to around $3 billion. New institutional filings revealed major shifts in Q4 2025, with firms like Jane Street and an obscure Hong Kong entity making large purchases, while Brevan Howard dramatically reduced its holdings.
New institutional filings revealed significant activity in Bitcoin ETFs for the fourth quarter of 2025. According to SEC filings, trading firm Jane Street bought $276 million of BlackRock’s iShares Bitcoin ETF (IBIT), ranking as the fund’s second-largest buyer that quarter.
A new and obscure entrant, Hong Kong-based Laurore, acquired $436.2 million of IBIT in a single purchase. Bitwise Investments adviser Jeff Park speculated this could signal early Chinese institutional capital entering Bitcoin, noting the filer’s name is the Chinese equivalent of “John Smith.”
“Laurore’s newly disclosed position in IBIT could be an early indication of institutional Chinese capital entering Bitcoin,” Park stated. Some commentators later questioned why a company would choose the ETF route over buying Bitcoin directly.
Other institutions increased their stakes significantly during the quarter. Weiss Asset Management added about $107.5 million in shares, while 59 North Capital boosted its position by nearly $100 million.
Abu Dhabi’s state-owned Mubadala Investment increased its IBIT holdings by 45%, bringing its total position to $630.7 million by the end of December. In contrast, several well-known firms notably reduced their exposure.
Brevan Howard slashed its IBIT holdings by about 85%, dropping from $2.4 billion in Q3 to roughly $273.5 million in Q4. Goldman Sachs also trimmed its position by approximately 40%, leaving around $1 billion in assets.
The institutional moves come amid slowing daily activity for the ETFs. Data from SoSoValue shows Tuesday’s trading volume of just over $3 billion was down nearly 80% from a record $14.7 billion set earlier in February.
