Professional ETF holdings fell 17% QoQ to 261,000 BTC in Q1, with hedge funds and brokerages driving 95% of the reduction, per [CoinShares’ 13F analysis](https://coinshares.com/uk/insights/research-data/bitcoin-13f-q1-2026-report/). “Institutional adoption” still mixes sticky adviser demand with basis tourists: [Coinbase estimated](https://www.coinbase.com/institutional/research-insights/research/weekly-market-commentary/weekly-2026-02-20) 20.2% of institutional ETF holdings were cash-and-carry positions at year-end 2025.

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