Nine Institutions Cut Bitcoin (BTC) ETF Exposure as Cash-and-Carry Returns Narrow
Photo: TokenPost
Nine institutions reduced their reported U.S. spot Bitcoin (BTC) ETF exposure by 68,000 BTC-equivalent between Sept. 30, 2025, and June 30, 2026, as returns from cash-and-carry trading narrowed. The institutions were Millennium Management, Brevan Howard, Goldman Sachs Group, Capula Management, Farallon Capital, D. E. Shaw, Schonfeld Strategic Advisors, Symmetry Investments and Tudor Investment Corp. Their individual reductions ranged from 29% to 100%. Exposure also increased among wealth platforms and sovereign investors. Morgan Stanley’s wealth arm, Mubadala and the Abu Dhabi Investment Council added positions during the period.
Source: TokenPost
