The U.S. spot Bitcoin ETF market is experiencing a period of cooling activity. In the opening session of the week, these funds recorded a combined net outflow of $104.9 million. Trading volumes have also seen a sharp decline, sliding to roughly $3 billion—an 80% drop from the record-breaking $14.7 billion high seen on February 5.
The Rise of a “Ghost” Whale
While capital flowed out of the sector, Q4 2025 SEC filings revealed a massive new entrant in BlackRock’s iShares Bitcoin Trust (IBIT). A mysterious Hong Kong entity named Laurore disclosed a massive $436.2 million position.
The firm has raised eyebrows across the industry due to its lack of a digital footprint. Jeff Park, an advisor at Bitwise Investments, pointed out that the company has no website or public records, and the listed filer, “Zhang Hui,” is a name as common in China as “John Smith.” This has led to speculation that Laurore might represent institutional Chinese capital or a significant move toward capital flight, though some analysts wonder why such an entity would use a U.S. ETF rather than direct spot purchases.
Institutional Rebalancing: The Bulls and the Bears
The latest disclosures highlight a dramatic reshuffling of portfolios among major financial players:
- The Accumulators: Market maker Jane Street became the second-largest IBIT buyer in Q4 with a $276 million purchase. Abu Dhabi’s sovereign wealth fund, Mubadala, increased its stake by 45%, bringing its total IBIT holdings to over $630 million. Weiss Asset Management and 59 North Capital also added significant positions totaling over $200 million combined.
- The Sellers: In a sharp reversal, Brevan Howard slashed its IBIT exposure by 85%, offloading nearly $2.1 billion in shares. Banking giant Goldman Sachs followed suit, trimming its position by 40% while maintaining roughly $1 billion in the fund.
