According to CoinShares, institutional Bitcoin ETF holdings declined for the first time since the launch of US spot ETFs in early 2025. Exposure to Bitcoin (BTC) fell from $27.4 billion in Q4 2024 to $21.2 billion in Q1 2025, a 23% drop, primarily attributed to an 11% decrease in Bitcoin's price rather than active selling. While professional money managers reduced their Bitcoin positions, financial advisors slightly increased theirs, indicating a focus on long-term savings versus short-term profits. Corporate Bitcoin adoption for treasury purposes drove investments, unlike the behavior of many asset managers, who moved towards safer options amid macroeconomic uncertainty. Despite ETF flows being inconsistent, Bitcoin treasury companies saw an 18.6% year-to-date increase, holding over 1.98 million BTC by quarter-end. As rising bond yields may be eroding confidence in traditional safe havens, some analysts suggest that the potential for Bitcoin's long-term gains could emerge from broader economic influences rather than only ETF activity.

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