From BigGo Finance · BigGo Finance · · 2m
Wall Street Firms Sell Bitcoin ETFs as Sovereign Funds Buy
Nine Wall Street firms dumped 68,000 BTC of Bitcoin ETFs as sovereign funds bought the dip.
In brief
Nine Wall Street firms dumped 68,000 BTC of Bitcoin ETFs as sovereign funds bought the dip. Nine Wall Street firms cut 68,000 BTC-equivalent from U.S. Bitcoin ETFs as sovereign funds increased holdings. Originally reported by BigGo Finance.
SEC 13F Holdings Drop
Galaxy Research data show SEC 13F filers held 307,000 BTC-equivalent in U.S. spot Bitcoin ETFs as of June 2026, down 14% from 355,000 BTC nine months earlier.
Nine Firms Cut 68,000 BTC
Millennium, Brevan Howard, Goldman Sachs, Capula, Farallon, D.E. Shaw, Schonfeld, Symmetry and Tudor cut 68,000 BTC as the cash-and-carry basis compressed to 0.6 points over T-bills.
Net Buyers Add 20,000 BTC
Morgan Stanley's wealth arm, Mubadala and the Abu Dhabi Investment Council were among the accumulators, adding about 20,000 BTC to holdings.
Cash-and-Carry Basis Compressed
The cash-and-carry basis averaged 7.9% annualized before Bitcoin's peak, dropping to 4.8% as the spread compressed to 0.6 points over T-bills.
Derivatives Positions Shift
CFTC data show asset managers' net long Bitcoin futures fell 57% from 43,300 BTC to 18,400 BTC, while leveraged funds' net short futures shrank by the same proportion.
Sovereign Funds Buy Quietly
Mubadala and the Abu Dhabi Investment Council are long-duration allocators with investment horizons measured in years rather than quarters.
Non-Filer Holdings Resilient
Non-filer Bitcoin holdings fell only 6.6% over the same period as Bitcoin's price dropped 49%.
Recent Flows Volatile
Near-term flows have been volatile, with a $1 billion inflow run followed by heavy outflows before flows turned positive again this week.
Bitcoin Price Near $81,400
Bitcoin traded near $81,400 with a market capitalization near $1.64 trillion and 24-hour volume of roughly $25.5 billion.
Fear and Greed Index Neutral
The Fear and Greed Index stood at 51, squarely neutral, consistent with a market that has digested the outflow headlines without panic.
What Happens Next
Data points to watch include the next round of 13F filings, formal disclosures from Mubadala, and the CME basis spread relative to three-month T-bill yields.
The big picture
Nine Wall Street firms cut 68,000 BTC-equivalent from U.S. Bitcoin ETFs as sovereign funds increased holdings.
