Bitcoin ETFs See $105M Outflows Amid Hong Kong Investor’s Entry
United States spot Bitcoin exchange-traded funds recorded net outflows amounting to $104.9 million during Tuesday’s trading session, marking the initial trading day of the current week.
The aggregate trading volume for these spot Bitcoin ETFs declined sharply to slightly more than $3 billion, representing an approximately 80% decrease from the all-time high of $14.7 billion achieved on February 5. This trend underscores a persistent reduction in overall trading momentum, as indicated by data from SoSoValue.
These outflows occurred alongside fresh disclosures from various institutions regarding their Bitcoin ETF positions for the final quarter of 2025. Notably, Jane Street emerged as the second-largest purchaser of BlackRock’s iShares Bitcoin ETF (IBIT) during that period, acquiring shares valued at $276 million.
The fourth quarter also introduced a fresh participant in IBIT: a lesser-known entity based in Hong Kong named Laurore. This firm executed a substantial single transaction, purchasing $436.2 million worth of the ETF, with details submitted to the United States Securities and Exchange Commission.
Could This Signal Chinese Institutions Entering Bitcoin Markets?
Bitwise Investments advisor Jeff Park has suggested that Laurore’s recently revealed stake in IBIT might represent an initial wave of institutional investment from Chinese sources flowing into Bitcoin. He pointed out that Laurore maintains virtually no online presence, lacking a website or any public relations materials. The sole identifiable detail from the filing is the name Zhang Hui, a moniker in Chinese that parallels the commonality of “John Smith” in English-speaking contexts.
Although Park hypothesized that this move could be associated with capital relocation strategies, certain market observers have raised inquiries about the rationale behind selecting an ETF vehicle for Bitcoin exposure instead of direct acquisitions on the cryptocurrency markets.
Brevan Howard Drastically Reduces IBIT Position by 85%
Apart from Laurore and Jane Street, numerous other institutions executed noteworthy adjustments to their IBIT allocations throughout the fourth quarter of 2025. For instance, Weiss Asset Management expanded its holdings by approximately 2.8 million shares, equivalent to about $107.5 million. Similarly, 59 North Capital augmented its stake by 2.6 million shares, valued at roughly $99.8 million.
Mubadala Investment, the state-backed investment arm from Abu Dhabi, significantly amplified its IBIT portfolio by 45%. This growth took its share count from 8.7 million in the third quarter to 12.7 million by the end of the fourth quarter, amounting to a position worth $630.7 million.
On the opposing side, certain firms diminished their exposure to Bitcoin ETFs over the same timeframe. Brevan Howard sharply curtailed its IBIT investments, slashing them by about 85%. This reduction brought its holdings down from 37 million shares—valued at $2.4 billion—in the third quarter of 2025 to approximately 5.5 million shares, or $273.5 million, by quarter’s end.
Goldman Sachs followed suit by paring back its IBIT assets by around 40%, retaining a portfolio valued at approximately $1 billion thereafter.
