10x Research: 55%-75% of IBIT's $61 Billion in Assets Held by Market Makers and Arbitrage Hedge Funds

Odaily According to a post by 10x Research on X, despite Bitcoin's 46% decline, Bitcoin ETFs have only recorded $8.5 billion in net outflows. Based on the latest Q4 2025 13F filings, an estimated 55%-75% of IBIT's $61 billion in assets are held by market makers and hedge funds focused on arbitrage, with most of their positions being hedged or market-neutral, rather than expressing directional views. In Q4 2025, as Bitcoin consolidated around $88,000, market makers reduced their exposure by approximately $1.6 billion to $2.4 billion, reflecting a decline in speculative demand and a reduction in arbitrage inventory needs.