Bitcoin ETFs hold billions after price crash, but resilience masks harsh reality
Despite a major Bitcoin price crash, US spot ETFs retain $85 billion in assets, though resilience is driven by market makers, not long-term bullish holders.Summary
US spot Bitcoin ETFs still manage $85 billion in assets, representing over 6% of Bitcoin's supply, even after a significant price crash from over $126,000 to nearly $60,000. While this asset retention might suggest bullish conviction, analyst Markus Thielen of 10x Research argues this resilience is structural, primarily supported by market makers and arbitrage-focused hedge funds maintaining hedged, non-directional positions.
Filings show that 55% to 75% of BlackRock's dominant IBIT ETF is owned by these entities, which profit from bid-ask spreads or price differentials between spot and futures, thus not injecting directional market pressure. Market makers reduced their exposure slightly late last year as Bitcoin traded near $88,000, indicating waning speculative demand.
Separately, two major Abu Dhabi wealth funds, Mubadala Investment Company and Al Warda Investments, increased their stakes in IBIT during Q4 2025, holding over $1 billion combined, though this value has since dropped amid further price declines in 2026.
(Source：CoinDesk)