Update
Institutional Bitcoin ETF Exposure Declines
Galaxy Research found that hedge funds and banks reduced their exposure to U.S. spot Bitcoin ETFs, while wealth platforms and sovereign funds increased their holdings. Nine firms, including Millennium Management and Brevan Howard, cut 68,000 BTC worth of exposure, while Morgan Stanley, Mubadala, and the Abu Dhabi Investment Council bought. The decline in institutional holdings coincided with Bitcoin's price drop from $81,636 to $79,600 over the period.