US spot Bitcoin exchange-traded funds recorded $104.9 million in net outflows on Tuesday, as trading volumes fell sharply and new institutional filings revealed major shifts in BlackRock’s iShares Bitcoin ETF holdings.
Total spot Bitcoin ETF trading volume dropped to just over $3 billion, down nearly 80% from the $14.7 billion peak recorded on Feb. 5, signalling cooling market activity.
In fourth-quarter 2025 filings, Jane Street ranked as the second-largest buyer of BlackRock’s iShares Bitcoin ETF, purchasing $276 million, while Hong Kong-based firm Laurore disclosed a $436.2 million stake in a single acquisition.
Bitwise Investments adviser Jeff Park suggested Laurore’s position may hint at institutional Chinese capital entering Bitcoin, though he noted the company has no public footprint and is listed under the common name Zhang Hui.
Other institutional buyers included Weiss Asset Management, which added about 2.8 million shares valued at $107.5 million, and 59 North Capital, which increased its position by roughly $99.8 million.
Abu Dhabi’s Mubadala Investment boosted its IBIT holdings by 45% to approximately $630.7 million, while Brevan Howard slashed its exposure by about 85% and Goldman Sachs trimmed its stake by roughly 40% to around $1 billion.
The mixed positioning highlights diverging institutional strategies at a time when ETF outflows and slowing trading volumes suggest investor caution across the broader crypto market.
At the time of reporting, Bitcoin price was $66,783.28.