Bitcoin ETFs Find New Support From Long-Term Investors

Bitcoin ETFs are experiencing an interesting change in ownership. Some of Wall Street’s biggest trading firms have been reducing their positions, while sovereign wealth funds and wealth managers are quietly increasing theirs. At first glance, declining institutional holdings might suggest that investors are losing interest in Bitcoin. But the latest research from Galaxy tells a more complicated story. The investors leaving the market appear to be motivated largely by shrinking trading profits, while other institutions are treating Bitcoin as an investment worth holding through volatility. We believe the difference between these two groups deserves more attention than the selling figures alone. TL;DR Nine major Wall Street firms reduced their spot Bitcoin ETF exposure by approximately 68,000 BTC between September 2025 and June 2026.

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