Institutional Bitcoin exchange-traded funds (ETFs) experienced their inaugural quarterly decline in early 2025, as reported by CoinShares. Exposure to Bitcoin dropped to $21.2 billion in Q1 2025, down from $27.4 billion in Q4 2024, marking a 23% decrease. The decline was attributed to an 11% drop in Bitcoin's price rather than selling pressure. Professional money managers reduced their Bitcoin holdings, while financial advisers slightly increased them, indicating a shift toward long-term asset strategies. The last quarter saw increased corporate Bitcoin adoption for treasury use. Notably, BlackRock's iShares Bitcoin Trust saw over $430 million exit in just 31 days after a streak of inflows. Despite mixed ETF flows influenced by macroeconomic headlines, analysts anticipate long-term Bitcoin gains will not rely solely on ETF inflows. Additionally, Bitcoin treasury companies held over 1.98 million BTC by the end of the quarter, an 18.6% increase year-to-date.

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