Quarterly 13F filings show Jane Street cut its Bitcoin ETF holdings by 71% in Q1 2025, while JPMorgan Chase reported a 174% increase. The disclosures are quarter-end snapshots as of March 31 and do not reflect intra-quarter trading. The split underscores that institutional positioning in Bitcoin ETFs remains uneven rather than unified.

BlackRock sent 861 BTC and 44,691 ETH to Coinbase in two deposits worth about $173 million. The move drew attention because Coinbase is custodian for BlackRock's spot Bitcoin ETF (IBIT) and spot Ethereum ETF (ETHA), and an on-chain deposit alone does not confirm selling. Market watchers are now focused on whether the assets remain in custody or later move to trading-linked wallets.