CoinMeta data: Fast funds from Wall Street withdrew from Bitcoin ETF, while sovereign funds took the opportunity to enter the market. A report from Galaxy Research indicates that the main drivers of selling pressure on spot Bitcoin ETF in the United States were a handful of hedge funds and banks, whereas wealth management platforms and sovereign funds began to buy. By the end of September 2025, institutions that submitted their quarterly 13F reports held 355,000 ETF shares of spot Bitcoin, which was before the historical high for Bitcoin. By June 2026, this number had dropped to 307,000 BTC, a decrease of 14%. The report points out that nine companies accounted for all of this reduction in holdings, including Millennium Management, Brevan Howard, Goldman Sachs, and others. Overall, the remaining approximately 2,200 institutions that submitted reports increased their holdings by about 20,000 BTC, worth about $1.6 billion.