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Bloomberg ETF analyst James Seyffart(James Seyffart)'s quantitative analysis shows that in Q4 2025, investors filing 13F reports sold ETF shares equivalent to approximately 25,000 Bitcoins, led by Brevan Howard(Brevan Howard), which sold shares worth over 17,000 Bitcoins. This sell-off occurred as Bitcoin prices dropped from over $120,000 to below $85,000 during that quarter, and spot Bitcoin ETFs have experienced net outflows for five consecutive weeks since then.