Answer · confidence: partial
Which big funds own bitcoin, and do they buy or sell when prices fall?
Research question: Who are the largest holders of bitcoin fund shares, such as pension funds or wealth managers, and do they add or cut positions when prices fall?
The records show that advisors are the largest professional cohort of bitcoin ETF holders, holding about 58% of all 13F bitcoin holdings in Q1 2026 2. During the Q1 2026 price drop, advisors trimmed their holdings slightly, while hedge funds and brokerages were the main sellers, accounting for 95% of the reduction in professional bitcoin exposure 67. Banks went the other way, more than doubling their holdings to about 15.2k BTC, with JPMorgan Chase and Wells Fargo among the buyers 8. Overall, professional holders sold into the decline, the largest quarterly reduction since US spot bitcoin ETFs launched, as bitcoin fell about 22% to roughly $68k 9. The facts do not address pension funds specifically, and single-period 13F filings such as CRCM LP's cannot show whether a filer added or cut as prices fell 10. The newest fact is dated 14 August 2026, about two months before October 2026 12.
Checked 2026-10-18. Only documented and supported facts are used.
Dig deeper on this questionSources
[1] supported
The study finds that a prior 24-hour Bitcoin return predicts same-day spot Bitcoin ETF flows, meaning past price moves are associated with subsequent fund inflows or outflows.
"The reverse channel is significant under every convention — a prior 24-hour Bitcoin return ending before the ETF trading day predicts same-day flows (HAC p < 0.001)."Spot Bitcoin ETF Flows and Bitcoin Returns: Timestamp Alignment and Asymmetric Feedback (2026)
[2] supported
Advisors are the largest professional cohort of bitcoin ETF holders, holding about 58% of all 13F bitcoin holdings.
"At 150.3k BTC, they account for roughly 58% of all 13F bitcoin holdings."Bitcoin 13F Q1 2026: professional ownership - coinshares.com
[3] supported
The Saba fund has invested, and may invest, in exchange-traded trusts that hold cryptocurrencies, and gives the Grayscale Bitcoin Trust as an example.
"(such as, the Grayscale Bitcoin Trust)"N-CSRS Saba Capital Income & Opportunities Fund II (SABA) (CIK 0000828803) 2025-07-02
[4] supported
In a vector autoregression that respects information timing, lagged Bitcoin returns predict ETF flows, while lagged flows predict returns only marginally.
"In an information-consistent VAR, lagged returns predict flows, whereas lagged flows predict returns only marginally."Spot Bitcoin ETF Flows and Bitcoin Returns: Timestamp Alignment and Asymmetric Feedback (2026)
[5] supported
The fund says it has invested, and may invest, in exchange-traded trusts that hold cryptocurrencies, citing the Grayscale Bitcoin Trust as an example.
"such as, the Grayscale Bitcoin Trust"N-CSR Saba Capital Income & Opportunities Fund II (SABA) (CIK 0000828803) 2025-01-06
[6] supported
Advisors trimmed their bitcoin holdings slightly during the Q1 2026 price drop, while adding some new filers and losing others that fully exited.
"Advisors reduced by 9.4k BTC (-5.9% QoQ), while adding 159 new filers and losing 321 to fully exited positions."Bitcoin 13F Q1 2026: professional ownership - coinshares.com
[7] supported
Hedge funds and brokerages were the main sellers in Q1 2026, accounting for 95% of the reduction in professional bitcoin exposure as prices fell.
"Hedge funds (-39% QoQ) and brokerages (-53% QoQ) accounted for 95% of the exposure reduction."Bitcoin 13F Q1 2026: professional ownership - coinshares.com
[8] supported
Banks added bitcoin exposure during the Q1 2026 drawdown, more than doubling their holdings to about 15.2k BTC, with JPMorgan Chase and Wells Fargo among the buyers.
"Banks added 7.8k BTC, more than doubling their size to 15.2k BTC and growing 339% YoY. JPMorgan Chase added 3k BTC, Wells Fargo added 4k BTC"Bitcoin 13F Q1 2026: professional ownership - coinshares.com
[9] supported
Overall, professional holders sold into the Q1 2026 decline, the largest quarterly reduction since US spot bitcoin ETFs launched, as bitcoin fell about 22% to roughly $68k.
"Professional selling deepened materially in Q1, the largest quarterly reduction since the US spot bitcoin ETFs launched."Bitcoin 13F Q1 2026: professional ownership - coinshares.com
[10] supported
This 13F filing from CRCM LP reports a single iShares Bitcoin Trust position of 2,200,000 shares valued at about $143 million, the largest bitcoin fund holding in the table. The filing shows only one reporting period, so it cannot show whether the filer added or cut the position when prices fell.
"ISHARES BITCOIN TRUST HEDGEFUND SHS BEN INT 46438F101 143000000 2200000 SH"13F-HR CRCM LP (CIK 0001483234) 2025-11-12
[11] supported
CRCM LP's 13F-HR filing reports a position of 1,600,000 shares of iShares Bitcoin Trust, valued at about $97.9 million, the largest of its four reported IBIT lots.
"ISHARES BITCOIN TRUST HEDGEFUND SHS BEN INT 46438F101 97936000"13F-HR CRCM LP (CIK 0001483234) 2025-08-13
[12] supported
Alpine Fox Capital LLC reported holding call options on iShares Bitcoin Trust ETF shares, with 800,000 shares underlying the largest such position, valued at about $26.6 million.
"ishares Bitcoin Trust ETF SHS BEN INT 46438F101 26632000 800000 SH Call SOLE"13F-HR Alpine Fox Capital LLC (CIK 0002096493) 2026-08-14