Yigit Taha OZTURK 
2025 opened with optimism in the crypto markets, but institutional investor behavior is diverging from expectations. Following the long-awaited launch of spot Bitcoin ETFs, the first quarterly downturn in holdings is raising new questions about market sentiment.
Institutional Exposure Drops Sharply
According to a new report by CoinShares, institutional exposure to Bitcoin ETFs dropped from $27.4 billion in Q4 2024 to $21.2 billion in Q1 2025 — a 23% decline.
However, this decrease was largely driven by an 11% drop in Bitcoin’s price rather than widespread selling. Still, some investors did actively reduce their positions, contributing to the overall decline.
Financial Advisors Buck The Trend
Interestingly, financial advisors went against the broader trend, slightly increasing their Bitcoin ETF holdings during the same period. The report suggests a shift from short-term profit-seeking to long-term reserve and treasury strategies, particularly among corporations.
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While professional money managers pulled back, companies continued accumulating Bitcoin for their treasuries, suggesting growing confidence in its role as a store of value.
BlackRock ETF Faces Record Outflow
On May 30, BlackRock’s iShares Bitcoin Trust (IBIT) experienced a record $430 million in outflows — a sharp reversal after 31 consecutive days of inflows. This marks a moment of reevaluation in institutional trust in ETFs.
Despite that, corporate treasuries holding Bitcoin grew to over 1.98 million BTC by the end of Q1, up 18.6% year-to-date. According to SaylorTracker, Strategy acquired 15,355 BTC on April 28 alone and has accumulated BTC in 17 of the 20 weeks leading up to June 2025.
Some analysts believe Bitcoin’s long-term gains may be fueled more by weakening demand for US bonds than by ETF inflows, indicating a shift in macroeconomic investment logic.
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