Hedge Funds That Piled Into US Bitcoin Funds Are First to Exit
Bitcoin signage in Times Square in New York.
Photographer: Michael Nagle/BloombergHedge funds that helped fuel a boom in US exchange-traded funds holding Bitcoin are in rapid retreat.
Aggregate Bitcoin ETF allocations among the largest hedge fund holders fell 28% from the third to the fourth quarter of 2025, according to data compiled by CF Benchmarks, a wholly-owned subsidiary of crypto exchange Kraken.