BlockBeats News, February 18 — According to crypto research firm 10x Research, despite Bitcoin prices dropping 46% from their peak, Bitcoin ETFs only experienced $8.5 billion in net outflows, which is a relatively moderate decrease relative to the total assets under management of the ETFs. 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, who have a higher proportion of holdings, tend to have low turnover and longer investment horizons.

Based on the latest 13F filing data for Q4 2025, it is estimated that 55–75% of the $61 billion assets under management of IBIT, a subsidiary of BlackRock, are still held by market makers and arbitrage-focused hedge funds. During Q4 2025, when Bitcoin prices hovered around $88,000, market makers reduced their exposure by approximately $1.6–2.4 billion, reflecting decreased speculative demand and reduced arbitrage activity. #Gate广场发帖领五万美金红包