US spot Bitcoin ETFs posted a strong one-day rebound on Feb. 24, 2026. Nevertheless, recent 13F estimates indicated that large institutions cut exposure in Q4 2025. That contrast kept sentiment cautious even as stronger daily inflows lifted weekly totals.
Bitcoin traded near $65,000 during the rebound, with market sentiment still weak after recent declines. Recent estimates also show a large share of circulating Bitcoin remains below holders’ cost basis.
SoSoValue data shows Tuesday’s $257.7 million inflow reversed the prior trading day’s withdrawals. The figure marked the strongest daily inflow since early February and followed a $203.8 million net outflow on Monday.
The latest inflows moved weekly totals back into positive territory. That rebound followed five consecutive weeks of net redemptions. Those withdrawals reached about $3.8 billion over the period, which weighed on sentiment across the ETF segment.
The broader trend remains weaker than earlier in the year. Since the start of 2026, total assets under management in US spot Bitcoin ETFs have fallen 30.5%. Reported AUM dropped from about $117 billion to $81.3 billion, which shows that one strong day has not restored earlier levels.
Farside data shows Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded about $82.8 million in net inflows on Tuesday. That placed FBTC at the top of the day’s issuer-level flow table. The result made Fidelity the largest contributor to the session’s positive total.
BlackRock’s iShares Bitcoin Trust (IBIT) followed with about $78.9 million in net inflows. The two funds together accounted for a significant share of the day’s aggregate gain. Their activity helped support the overall turnaround in ETF flow data.
Cumulative net flows across US spot Bitcoin ETFs remain above $54 billion. That total sits below the peak of $62 billion reached in October 2025. Even so, the cumulative figure indicates that a large base of capital remains in the products despite recent volatility and withdrawals.
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Bloomberg ETF analyst James Seyffart said 13F filers sold spot Bitcoin ETF shares equivalent to about 25,000 BTC in Q4 2025. He later cited an estimate of 25,098 BTC worth of shares sold across publicly traded Bitcoin funds. The estimate provides a quarterly view of institutional positioning changes.
Seyffart also said investment advisers and hedge funds led the reduction in exposure. He identified Brevan Howard as the largest reducer, with more than 17,000 BTC worth of ETF shares sold. That concentration suggests a meaningful share of the quarter’s selling came from a small number of large allocators.
Form 13F filings track holdings reported by institutional investment managers with at least $100 million in qualifying securities. The filings help measure changes in reported ETF exposure from one quarter to the next. However, they do not show real-time positions, intraday activity, or derivatives exposure.
Furthermore, Bitcoin’s Q4 2025 price drop helps explain the shift in institutional allocations. The asset fell from above $120,000 to below $85,000 during the quarter, then traded around $64,000 to $65,000 on Tuesday. This context shows how spot Bitcoin ETFs can record a strong single-day inflow while quarterly filings still reflect lower institutional exposure.