PANews reported on February 25th that, according to The Block , Bloomberg ETF analyst James Seyffart stated that, based on 13F filings, Bitcoin ETF holders sold approximately 25,098 BTC worth of fund units in the fourth quarter of 2025 , primarily from investment advisors and hedge funds. Brevan Howard saw the largest reduction, cutting his exposure by over 17,000 BTC . During the same quarter, the price of Bitcoin fell from a high of over $ 120,000 to below $ 85,000 , with market sentiment remaining in the "extreme fear" range. Recently, spot Bitcoin ETFs have experienced net outflows for the fifth consecutive week, with 12 products seeing a combined outflow of approximately $ 316 million in the week ending February 20th .