Professional investors reduced their Bitcoin holdings significantly during the first quarter of 2026, according to CoinShares’ analysis of 13F filings. Total reported holdings fell from 313,000 BTC to 261,000 BTC, a decline of 17% quarter over quarter. The reduction was driven primarily by hedge funds and brokerages, which accounted for roughly 95% of the 52,500 BTC decrease. Hedge fund holdings fell 39%, while broker-held positions declined 53%, signaling a broad pullback in institutional trading activity during the quarter. Banks moved in the opposite direction. Total bank-held Bitcoin exposure rose to 15,200 BTC, with JPMorgan and Wells Fargo increasing their positions and Citigroup disclosing a Bitcoin holding for the first time. The divergence suggests that while trading-focused firms reduced risk, some traditional financial institutions continued to expand their exposure to the asset class.
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