Institutional investors sold roughly 52,500 BTC during the first quarter of 2026, bringing total professional holdings down from 313,000 BTC to 261,000 BTC. That 17% quarter-over-quarter decline, detailed in a new CoinShares analysis of 13F filings, translates to approximately $17.8 billion in remaining value, a 35% dip when factoring in the price damage.
The report, published by CoinShares analyst Matt Kimmell around June 3, paints a picture of two very different institutional camps. On one side: hedge funds and brokerages running for the exits. On the other: banks quietly loading up on Bitcoin for the first time in a meaningful way.
Who sold, and how much
Hedge funds and brokerages were responsible for 95% of the total reduction in professional holdings. Hedge funds slashed their Bitcoin exposure by 39%. Brokerages went even harder, cutting positions by 53%. Among the marquee names, Morgan Stanley fully exited its 8,300 BTC position, while Jane Street reduced its holdings by 10,800 BTC.
Net outflows from 13F filers totaled around $3.6 billion for the quarter.
