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Banks boost holdings, hedge funds cut as Bitcoin spot ETF ownership shifts

Institutional investors reduced exposure to Bitcoin spot exchange-traded funds in the first quarter, with holdings falling from 313,000 BTC to 261,000 BTC, CoinShares data showed. The value of those positions dropped 35 percent to $17.8 billion, and the share held by 13F filers fell to 20.8 percent. Selling was concentrated among hedge funds and brokerages, while investment advisers remained the largest holders and banks more than doubled their positions.