Investors in BlackRock's iShares Bitcoin Trust (IBIT) redeemed approximately $104.97 million worth of shares, according to the latest flow data. The redemption from the largest US spot Bitcoin fund coincided with broader net outflows across US spot Bitcoin ETFs, which totaled $104.9 million on February 18, 2026.
Volume decline accompanies outflows
Trading activity across spot Bitcoin ETFs has cooled sharply. Volume dropped by nearly 80% from a peak recorded on February 5, with total ETF volume falling to just over $3 billion during the period.
The outflow from IBIT reflects investors selling their shares, not BlackRock trading for its own account. IBIT remains the leading spot Bitcoin ETF by assets and accumulated inflows.
Institutional positioning shifts
Quarterly 13F filings for Q4 2025 show notable changes in IBIT holdings among large institutional investment managers. On the buying side, Hong Kong-based entity Laurore added $436.2 million of IBIT during the quarter, while trading firm Jane Street added $276 million. Jane Street is a major market maker, so its positions can reflect trading and liquidity roles as much as directional conviction.
On the selling side, Brevan Howard cut its IBIT holdings by approximately 85%, and Goldman Sachs reduced its stake by 40%.
Background and context
US spot Bitcoin ETFs launched in January 2024 and quickly attracted tens of billions of dollars in net inflows, with IBIT rising to the top of the category. The products allow pension funds, wealth managers, and hedge funds to gain Bitcoin exposure through standard brokerage accounts.
The $104.97 million redemption is meaningful in absolute terms but small relative to the total capital that has flowed into these funds since 2024. The more telling signal may be the volume collapse, which suggests the urgency that drove earlier buying has faded, at least for now. The 13F data adds nuance: while some institutions trimmed positions, others added hundreds of millions, and the appearance of a Hong Kong-based buyer at that scale indicates demand for US-listed Bitcoin ETFs extends beyond domestic money managers.
