US spot Bitcoin ETFs recorded $104.9 million in net outflows on Tuesday, marking another subdued session as trading activity continues to cool. Total volume across spot Bitcoin funds fell to just over $3 billion, a sharp decline from the $14.7 billion peak seen on Feb. 5, according to SoSoValue data.

The slowdown comes as institutional investors disclose their fourth-quarter 2025 holdings, offering fresh insight into who is accumulating — and who is scaling back — exposure to BlackRock’s iShares Bitcoin Trust (IBIT) and other spot products.

Related reporting: Ark Invest buys Robinhood, Circle and Bullish shares as Bitcoin slips below $66,000

Daily flows in US spot Bitcoin ETFs since Feb. 9, 2026. Source: SoSoValue

Unexpected Hong Kong buyer emerges in IBIT filings

Among the most notable Q4 disclosures was a $436.2 million IBIT position reported by Laurore, a little-known Hong Kong-based entity. The filing, submitted to the US Securities and Exchange Commission, lists a Zhang Hui as the reporting individual. Public information about the firm remains scarce.

The purchase immediately drew attention from market observers. Bitwise Investments adviser Jeff Park suggested the move could signal early institutional Chinese capital flowing into US-listed Bitcoin ETFs. He noted the absence of a public footprint for Laurore, raising questions about the buyer’s identity and strategic intent.

Others, however, questioned why an offshore investor would opt for ETF exposure instead of direct Bitcoin ownership. The structure of US spot ETFs offers regulatory clarity and custodial safeguards, but it also introduces management fees and potential tracking differences compared with holding BTC outright.

Source: Jeff Park

Institutional reshuffling intensifies in Q4

Beyond the mystery buyer, several established institutions made significant adjustments to their IBIT positions.

Jane Street emerged as the second-largest IBIT buyer in Q4, adding $276 million worth of shares. Weiss Asset Management increased its exposure by approximately $107.5 million, while 59 North Capital added nearly $100 million.

Abu Dhabi’s sovereign wealth investor Mubadala also expanded its stake, lifting its holdings by 45% to 12.7 million shares, valued at roughly $630.7 million by the end of the quarter. The move reinforces the growing presence of Middle Eastern capital in US crypto investment vehicles.

At the same time, some heavyweight investors trimmed exposure. Brevan Howard slashed its IBIT stake by around 85%, reducing its holdings from $2.4 billion in Q3 to about $273.5 million in Q4. Goldman Sachs also pared back its position by roughly 40%, though it still retains around $1 billion in IBIT assets.

Source: Zerohedge

ETF flows slow as market momentum cools

The latest outflows highlight a broader deceleration in ETF momentum following earlier surges. Trading volumes have compressed sharply, suggesting reduced short-term speculation and a more cautious investor base.

Still, net outflows of just over $100 million are modest compared with the scale of cumulative inflows seen since spot Bitcoin ETFs launched. With assets under management remaining substantial, the market appears to be

transitioning from rapid expansion to a more selective phase of institutional positioning.

As filings continue to surface, investor focus is shifting from headline flows to the identity and conviction of long-term holders.