Bloomberg ETF analyst James Seyffart stated that, according to SEC 13F filings, institutional investors sold approximately 25,098 BTC equivalent in Bitcoin ETFs in the fourth quarter of 2025, indicating a clear trend of reducing holdings. Data shows that investment advisors and hedge funds are the main holders of Bitcoin ETFs, with Brevan Howard making the largest reduction, selling over 17,000 BTC equivalent in ETF holdings. This sell-off occurred during the period when Bitcoin's price fell from a high of over $120,000 in 2025 to below $85,000. Currently, Bitcoin's price has further fallen to approximately $64,000, and market sentiment remains in a state of extreme panic.