BlockBeats News, February 18 — According to the crypto research firm 10X Research, despite Bitcoin’s price dropping 46% from its peak, Bitcoin ETFs only experienced net outflows of $8.5 billion, which is a relatively moderate decrease relative to the total ETF assets. The structural characteristics of ETF ownership show that market makers and hedge funds focused on arbitrage are dominant, holding mostly hedged or market-neutral positions rather than directional bets on Bitcoin. Additionally, long-term institutional investors with higher holdings have low turnover rates and longer investment horizons.
Based on the latest Q4 2025 13F filing data, it is estimated that of the $61 billion assets under IBIT, a subsidiary of BlackRock, 55–75% are still held by market makers and hedge funds focused on arbitrage. In Q4 2025, during Bitcoin’s consolidation around $88,000, market makers reduced their exposure by approximately $1.6–2.4 billion, reflecting decreased speculative demand and reduced arbitrage activity.
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