- U.S. spot Bitcoin ETFs saw net outflows of $104.9 million on Tuesday, February 18, as trading volume plunged nearly 80% from its record high earlier in the month.
- In Q4 2025 disclosures, Jane Street became the second-largest buyer of BlackRock’s iShares Bitcoin ETF (IBIT), while an obscure Hong Kong entity, Laurore, made a massive $436.2 million single purchase.
- Major institutional moves were mixed: Mubadala Investment and others increased holdings, while Brevan Howard slashed its IBIT position by 85% and Goldman Sachs reduced its stake by about 40%.
U.S. spot Bitcoin exchange-traded funds (ETFs) posted $104.9 million in net outflows on Tuesday, February 18, 2026, marking a sluggish start to the trading week according to SoSoValue data. Total trading volume cratered to just over $3 billion, reflecting a dramatic slowdown from the record $14.7 billion seen on February 5.
Consequently, recent SEC filings reveal significant institutional activity in BlackRock’s iShares Bitcoin ETF (IBIT) during the fourth quarter of 2025. Jane Street ranked as the ETF’s second-largest buyer for the period, purchasing $276 million according to a filing.
Meanwhile, a mysterious Hong Kong-based company named Laurore entered the scene with a single purchase of $436.2 million. Bitwise Investments adviser Jeff Park suggested this could signal Chinese institutional capital moving into Bitcoin, noting the filer’s common name is akin to “John Smith” in China.
Other institutions made substantial moves, with Abu Dhabi’s Mubadala Investment boosting its IBIT holdings by 45% to a $630.7 million position. In stark contrast, Brevan Howard slashed its holdings by approximately 85%, and Goldman Sachs trimmed its exposure by about 40%.
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