#Gate广场发帖领五万美金红包

Gold Financial Reports that the crypto research firm 10X Research pointed out that although Bitcoin prices have fallen 46% from their peak, Bitcoin ETFs have only experienced a net outflow of $8.5 billion, which is a relatively moderate decrease relative to the total ETF assets.
The structural characteristics of ETF ownership show that the dominant holders are market makers and hedge funds focused on arbitrage, which mostly hold hedged or market-neutral positions rather than directional bets on Bitcoin. Additionally, long-term institutional investors with higher holdings also make up a significant portion; they have low turnover rates and longer investment horizons.
According to the latest 13F filing data for Q4 2025, it is estimated that 55–75% of the $61 billion assets under IBIT, a subsidiary of BlackRock, are still held by market makers and hedge funds focused on arbitrage. During Q4 2025, while Bitcoin prices hovered around $88,000, market makers reduced their exposure by approximately $1.6–2.4 billion, reflecting decreased speculative demand and reduced arbitrage activity.