Institutional bid just cooled.

Bloomberg ETF analyst James Seyffart noted on X that 13F filers cut Bitcoin ETF exposure in Q4 2025.
Advisors and hedge funds led the selling.
Roughly 25,000 BTC worth of ETF exposure was reduced, based on filings with the U.S. Securities and Exchange Commission.
What it means:
Fast money trimmed risk into year end.
Positioning reset.
Not a structural exit, but a sentiment shift.
Watch whether long only allocators step back in.