Galaxy: Hedge Funds Dumped 68K BTC of Bitcoin ETFs as Sovereign Funds Bought
- —13F filers' spot Bitcoin ETF holdings fell from 355K BTC in September 2025 to 307K BTC by June 2026
- —The nine firms trimmed positions by 29% to 100%, while roughly 2,200 other filers added 20K BTC
- —The CME Bitcoin futures basis fell from 7.9% to 4.8% annualized, just 0.6 points over bills
- —Asset managers' net long in CME Bitcoin futures dropped from 43,300 BTC to 18,400 BTC
Why it matters: With the cash-and-carry trade barely profitable, hedge fund exits could cap ETF inflows until the basis recovers.
Source: Decrypt