在第1季度2025年，一些資金修剪了他們的比特幣[BTC]。

令人驚訝的是，根據最近提交給SEC的13-F文件，威斯康星州在貝萊德ishares比特幣ETF（IBIT）中退出了整個3.21億美元（100％，橙色）。

Several funds trimmed their Bitcoin [BTC] exposure in Q1 2025.

在第1季度2025年，一些資金修剪了他們的比特幣[BTC]。

Surprisingly, the state of Wisconsin exited its entire $321 million (100%, orange) in BlackRock iShares Bitcoin ETF (IBIT), according to recent 13-F filings with the SEC. Mentioned in a report by the U.S. Securities and Exchange Commission.

令人驚訝的是，根據最近提交給SEC的13-F文件，威斯康星州在貝萊德ishares比特幣ETF（IBIT）中退出了整個3.21億美元（100％，橙色）。美國證券交易委員會的報告中提到。

Source: Fintel (IBIT Q1 2025 allocation)

資料來源：金融（IBIT Q1 2025分配）

The average portfolio allocation in IBIT dropped by 15.6% in the past quarter, data from Fintel showed.

Fintel的數據顯示，過去一季度，IBIT的平均投資組合分配下降了15.6％。

BTC ETF- Q1 rebalance

BTC ETF- Q1重新平衡

Additionally, Millennium Management LLC slashed its IBIT position by 41% to 17.6 million shares and closed its position in the Invesco Galaxy Bitcoin ETF (BTCO).

此外，Millennium Management LLC將其IBIT頭寸削減了41％，至1.76億股，並關閉了其在Invesco Galaxy Bitcoin ETF（BTCO）中的地位。

However, the fund added BTC-related exposure from Ark 21Shares and Grayscale Mini.

但是，該基金增加了與ARK 21Shares和灰度迷你的BTC相關暴露。

Another hedge fund, Brevan Howard, reduced its IBIT holdings by 15.6%.

另一個對沖基金Brevan Howard將其IBIT持有量減少了15.6％。

The rebalancing and reduced exposure weren’t surprising given the market headwinds seen in Q1 2025 amid tariff wars.

鑑於在關稅戰爭中，第1季度2025年的市場逆風在第1季度出現的市場不利因素並不奇怪。

Over the same period, BTC dropped about 12% in the first three months of the year, up from $109K to $76K.

在同一時期，BTC在今年的前三個月下降了約12％，從$ 109K降至7.6萬美元。

Bitwise CIO, Matt Hougan, told Reuters that the cautious approach may be due to reduced basis trade — the price difference (premium) funds get when they buy spot BTC ETF and short CME BTC Futures. He said,

Bitwise CIO，馬特·霍根（Matt Hougan）告訴路透社，謹慎的方法可能是由於貿易降低所致 - 當他們購買現貨BTC ETF和短期CME BTC期貨時，價格差異（保費）資金獲得。他說，

“But that premium collapsed and reached its lowest around the end of March. So I’m not surprised to see hedge funds trim their holdings.”

“但是，這種高級倒塌了，並在三月底左右達到了最低水平。因此，看到對沖基金修剪了他們的持股，我並不感到驚訝。”

Source: Velo (BTC annualized basis trade)

資料來源：Velo（BTC年度基礎貿易）

The premium was lucrative and hit a whopping 15%-20% annualized returns in late 2024, added Hougan.

豪恩補充說，溢價是有利可圖的，在2024年底的年度收益率高達15％-20％。

However, the basis trade sharply dropped below 4% in March, and may partly explain the reduced interest in the products.

但是，3月的基礎貿易急劇下降到4％以下，並可能部分解釋了對產品的興趣減少。

In Q2 2025, the premium surged to 9% but has slightly eased below 8% at the time of writing. A similar picture was painted by the demand for spot BTC ETFs. In February and March, the products saw over $4B in outflows.

在第2季度2025年，溢價飆升至9％，但在寫作時略低於8％。對Spot BTC ETF的需求繪製了類似的圖片。在2月和3月，這些產品的流出量超過$ 4B。

Source: Soso Value

來源：SOSO值

However, in April and the first half of May, they have seen $5.2 billion in inflows, a renewed demand that lifted BTC above $100K for the first time since February.

但是，在4月和5月的上半年，他們看到了52億美元的流入，這一新需求使BTC自2月以來首次提高了10萬美元。

From a market snapshot, current BTC levels reflected a bull mode seen before the November massive run-up, according to the CryptoQuant Bull Score Index reading of 80.

根據CryptoQuant Bull得分指數讀數為80，從市場快照中，當前的BTC水平反映了11月大規模上升之前看到的公牛模式。

Source: CryptoQuant

資料來源：加密

More inflows into U.S. spot BTC ETFs could rally BTC higher. However, any faltering in demand for the products could likely lead to a local top for the crypto asset. It traded at $103K at press time.

流入美國的更多流入BTC ETF可能會增加BTC。但是，對產品的需求步履蹣跚，可能會導致加密資產的本地頂級。它在發稿時以103K美元的價格交易。