Galaxy Research says nine hedge funds and banks cut 68,000 BTC of spot ETF exposure

Nine hedge funds trimmed their spot Bitcoin ETF positions through the 2026 slump while wealth platforms and sovereign funds kept buying The investors who dumped Bitcoin ETF shares during the latest downturn were not panicked retail traders. According to Galaxy Research, they were hedge funds. Nine of them cut their spot Bitcoin ETF holdings by roughly 68,000 BTC between late September 2025 and June 2026. Galaxy’s read of the selling is notably unsentimental: the exits tracked how the trade paid relative to Treasury bills, not a sudden loss of faith in Bitcoin. Galaxy built its analysis from 13F filings.