Institutional ownership of U.S. spot Bitcoin ETFs (exchange-traded funds) changed only slightly despite BTC’s price decline of 23% in Q4 2025.
According to aggregated data from 13F filings with the SEC, institutional holdings dropped from 532K BTC (Q3 2025) to 513K BTC (as of Q4 2025)—a 19K BTC decline.
This translated to a 3.5% decline in the institutional holdings of BTC.
Overall, institutions still held over half a million BTC.
With the asset entering a bear market phase in early 2026, it will be interesting to gauge whether institutions can be diamond hands in an extended crypto winter.
The U.S. spot BTC ETFs debuted in 2024, right at the onset of this cycle’s bull run. BTC price went parabolic afterward, surging from $40K to $72K, then to $100K, and finally topping out at $126K.
This marked a +220% run since they debuted.
However, BTC’s pullback worsened in 2026, halving its value. In fact, it broke below the average cost basis of BTC ETFs of $84.1K.
Now, the average ETF holder is about 20% underwater based on the press-time BTC price of $68K.
Since this is the products’ first crypto winter, it’s unclear whether the ETF investors will still hold during the capitulation. The 13F filings for Q1 2026, set to be released in Q2, will help shed light on their action.
Institutional vs. retail Bitcoin: ETF share
From a dominance perspective, the retail still commanded the U.S. spot BTC ETF holdings. Of the 1.27 million BTC held by ETFs, over 700K BTC are held by retail investors.
Although institutional holdings have been rising since 2024, climbing 10% to a high of 40% by Q3 2025, they stagnated in late 2025.
However, compared with Q3 2025, institutions’ dominance slipped only 1%. So, despite retail still commanding the market share, institutions were still holding the line.
But based on the number of firms holding BTC ETFs, there was a 14% fall. Firms that reported owning BTC ETFs decreased from 2173 to 1867, the highest drop since 2024.
Even so, 17 out of the top 25 institutional BTC ETF holders increased their exposure in Q4, including major banks (JPMorgan Chase), sovereign wealth funds (Mubadala), and asset managers (BlackRock).
Overall, the institutional share of BTC ETFs was unchanged last year. But it remains to be seen whether they’ll remain diamond hands after crypto winter in Q1 2026, especially with current ETF outflows rivaling Q4 levels.
Final Summary
- Institutional share of BTC ETFs was unchanged in Q4 2025, dropping only 1%.
- More than half of the top 25 BTC ETF holders increased positions last quarter.
