US spot Bitcoin exchange-traded funds (ETFs) recorded $104.9 million in net outflows on Tuesday, marking a slowdown in trading activity. Total volume in these ETFs dropped to just over $3 billion, a steep decline from previous highs.
This trend coincides with institutional reports for the fourth quarter of 2025. Jane Street emerged as a major buyer of BlackRock's iShares Bitcoin ETF (IBIT), acquiring $276 million. Notably, a little-known Hong Kong-based company, Laurore, purchased $436.2 million of IBIT, raising questions about potential institutional Chinese capital entering the Bitcoin market.
While some speculate Laurore's involvement could signal new market entrants, others question the choice of an ETF over direct acquisition. In contrast to new investments, Brevan Howard significantly reduced its IBIT holdings by 85%, and Goldman Sachs also trimmed its stake. Mubadala Investment, however, increased its IBIT holdings by 45%.
