Aggregate Bitcoin ETF allocations among the largest hedge fund holders fell 28% from the third to the fourth quarter of 2025, according to data compiled by CF Benchmarks, a wholly-owned subsidiary of crypto exchange Kraken. Bitcoin is down almost 50% from its October peak of over $126,000. “The dominant theme over the last two quarters was hedge fund de-risking,” Gabe Selby, head of research at CF Benchmarks, wrote in a Feb. 19 research note.