在第1季度2025年，一些资金修剪了他们的比特币[BTC]。

令人惊讶的是，根据最近提交给SEC的13-F文件，威斯康星州在贝莱德ishares比特币ETF（IBIT）中退出了整个3.21亿美元（100％，橙色）。

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

在第1季度2025年，一些资金修剪了他们的比特币[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.

令人惊讶的是，根据最近提交给SEC的13-F文件，威斯康星州在贝莱德ishares比特币ETF（IBIT）中退出了整个3.21亿美元（100％，橙色）。美国证券交易委员会的报告中提到。

Source: Fintel (IBIT Q1 2025 allocation)

资料来源：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的数据显示，过去一季度，IBIT的平均投资组合分配下降了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将其IBIT头寸削减了41％，至1.76亿股，并关闭了其在Invesco Galaxy Bitcoin ETF（BTCO）中的地位。

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

但是，该基金增加了与ARK 21Shares和灰度迷你的BTC相关暴露。

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

另一个对冲基金Brevan Howard将其IBIT持有量减少了15.6％。

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

鉴于在关税战争中，第1季度2025年的市场逆风在第1季度出现的市场不利因素并不奇怪。

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

在同一时期，BTC在今年的前三个月下降了约12％，从$ 109K降至7.6万美元。

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，马特·霍根（Matt Hougan）告诉路透社，谨慎的方法可能是由于贸易降低所致 - 当他们购买现货BTC ETF和短期CME BTC期货时，价格差异（保费）资金获得。他说，

“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，这种高级倒塌了，并在三月底左右达到了最低水平。因此，看到对冲基金修剪了他们的持股，我并不感到惊讶。”

Source: Velo (BTC annualized basis trade)

资料来源：Velo（BTC年度基础贸易）

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

豪恩补充说，溢价是有利可图的，在2024年底的年度收益率高达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月的基础贸易急剧下降到4％以下，并可能部分解释了对产品的兴趣减少。

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，溢价飙升至9％，但在写作时略低于8％。对Spot BTC ETF的需求绘制了类似的图片。在2月和3月，这些产品的流出量超过$ 4B。

Source: Soso Value

来源：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，他们看到了52亿美元的流入，这一新需求使BTC自2月以来首次提高了10万美元。

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.

根据CryptoQuant Bull得分指数读数为80，从市场快照中，当前的BTC水平反映了11月大规模上升之前看到的公牛模式。

Source: CryptoQuant

资料来源：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.

流入美国的更多流入BTC ETF可能会增加BTC。但是，对产品的需求步履蹒跚，可能会导致加密资产的本地顶级。它在发稿时以103K美元的价格交易。