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US Spot Bitcoin ETFs Post $104.9M Net Outflows
US spot Bitcoin exchange-traded funds (ETFs) recorded $104.9 million in net outflows on Tuesday, marking the first trading session of the week with continued downward momentum. Trading volume across spot Bitcoin ETFs slipped to just over $3 billion — a sharp decline from the $14.7 billion peak seen on Feb. 5 — illustrating a notable cooling in investor activity, according to SoSoValue.
Trading Slowdown and Market Context
The dramatic drop in daily trading volume underscores a broader slowdown in retail and institutional ETF trading. While early 2026 saw record turnover, recent sessions have been dominated by reduced flows and growing scrutiny of quarterly ETF filings that reveal which institutions are buying and selling exposure to Bitcoin through ETFs.
Big Q4 2025 Moves: Jane Street, Laurore and More
Quarterly disclosures for Q4 2025 highlighted several significant institutional shifts in BlackRock’s iShares Bitcoin Trust (IBIT) and other spot Bitcoin ETFs. Jane Street emerged as the second-largest reported buyer of IBIT in Q4, adding roughly $276 million to its position.
An Unknown Buyer: Laurore
One of the most conspicuous filings came from a little-known Hong Kong-based entity named Laurore, which reported a single acquisition of $436.2 million worth of IBIT to the US Securities and Exchange Commission. The anonymity of the filer prompted questions about the source and motivation of the capital.
Institutional Activity: Who Added and Who Trimmed
Other notable Q4 movements include Weiss Asset Management’s reported addition of about 2.8 million shares (roughly $107.5 million) and 59 North Capital’s increase by 2.6 million shares (around $99.8 million). Abu Dhabi’s Mubadala Investment raised its IBIT stake by approximately 45%, moving from 8.7 million to 12.7 million shares — a position valued near $630.7 million.
Diversified Responses: Cuts and Reallocations
Not every institution expanded exposure. Brevan Howard dramatically reduced its IBIT holdings by roughly 85%, dropping from about 37 million shares in Q3 2025 (valued near $2.4 billion) to approximately 5.5 million shares in Q4 ($273.5 million). Goldman Sachs also scaled back, trimming its IBIT position by around 40%, leaving an estimated $1 billion in ETF assets.
Why Buy Bitcoin via ETF?
Analysts and market participants have debated why some buyers might access Bitcoin through ETFs rather than direct custody. Possible reasons include regulatory clarity, ease of allocation inside multi-asset portfolios, and institutional restrictions that favor ETF vehicles over direct crypto custody. Observers also flagged Laurore’s disclosure as a potential sign of Chinese institutional capital seeking exposure to Bitcoin, although the motivation remains unclear.
As spot Bitcoin ETF trading slows and quarterly filings reveal more institutional behavior, market watchers will continue monitoring flows, large-share movements, and whether new entrants like Laurore represent a broader trend in international institutional adoption of Bitcoin via ETFs.
Source: cointelegraph
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