$BTC According to a recent CoinShares report, based on SEC 13-F filings, institutional holdings in U.S. spot Bitcoin ETFs experienced their first quarterly decline since their highly anticipated launch in January 2024. The total value held by these institutions dropped from $27.4 billion at the end of Q4 2024 to $21.2 billion by the close of Q1 2025. This represents a 23% decrease over the three-month period.