# 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.
- Title: Wall Street Firms Sell Bitcoin ETFs as Sovereign Funds Buy
- Summary: 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…
- Keywords: galaxy research, sovereign funds, bitcoin etfs, wall street firms, mubadala, abu dhabi investment council, cme group, bitcoin, 13f filings, cash and carry, finance, markets
- Source: BigGo Finance — https://finance.biggo.com/news/ba9f2336-0dea-4738-b894-62b5df6254a6
- Author: BigGo Finance
- Published: 2026-10-28T20:35:21+00:00
- Read time: 2 min
- Topics: galaxy research, sovereign funds, bitcoin etfs, wall street firms, mubadala, abu dhabi investment council, cme group, bitcoin, 13f filings, cash and carry, finance, markets
## 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.
## Key takeaway

Nine Wall Street firms cut 68,000 BTC-equivalent from U.S. Bitcoin ETFs as sovereign funds increased holdings.