Norway’s sovereign wealth fund (Norges Bank) posted a $40 billion loss in Q1 2025, mainly due to a slump in US tech stocks. The fund indirectly held 3,821 Bitcoin through stock investments, raising concerns about BTC sell pressure amid economic uncertainty. Although buying Bitcoin ETFs seems unlikely, Norges Bank could still increase indirect exposure through companies holding BTC. Major funds like Mubadala and Wisconsin have already invested heavily in Bitcoin ETFs, signaling a growing trend of using crypto as a hedge asset.