CoinShares’ analysis of 13F filings shows that professional investors significantly reduced their Bitcoin holdings in the first quarter of 2026. Reported holdings declined from 313,000 to 261,000 BTC, a 17% quarter-over-quarter decrease.
Hedge funds and brokers reduced their positions the most.
Hedge funds and brokers together accounted for approximately 95% of the total outflows. Bitcoin holdings by these two types of institutions decreased by 39% and 53%, respectively, indicating a clear contraction of trading-related capital this quarter.
Banks continue to increase their exposure.
In contrast, banks' Bitcoin exposure rose to 15,200 BTC. JPMorgan Chase and Wells Fargo both increased their holdings, while Citigroup disclosed its Bitcoin position for the first time.
Institutional divergence is increasing.
This data indicates that trading-oriented institutions are reducing their risk exposure, while some traditional financial institutions continue to increase their allocation to this asset.