In the first quarter of 2025, the scale of Bitcoin (BTC) Exchange Traded Funds (ETF) held by U.S. institutional investors decreased for the first time. This marks the first quarterly decline since the U.S. spot Bitcoin ETF was officially launched in 2024.
According to a recent report by CoinShares, institutional investors' Bitcoin ETF investment scale dropped by approximately 23%, from $27.4 billion (about 38.186 trillion won) in the fourth quarter of 2024 to $21.2 billion (about 29.468 trillion won) in the first quarter of 2025. The report was analyzed based on 13F documents submitted to the U.S. Securities and Exchange Commission (SEC).
CoinShares pointed to Bitcoin's quarterly 11% price decline as the main reason for this drop. The analysis suggests that the price decline had a greater impact than the reduction in investment positions. However, the fact that multiple investors actually reduced their holdings indicates that beyond simple valuation losses, *actual selling forces* were also at work to some extent.
Despite this decrease, Bitcoin-related ETFs still have institutional funds flowing in, amounting to tens of trillions of won. However, concerns are raised that additional declines could continue in the second quarter if price volatility and investment sentiment contract. Particularly, with the possibility of Trump's re-election and the diverging regulatory directions between traditional finance and digital assets, analysts suggest that investors' wait-and-see attitude may become even more pronounced.
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