Galaxy Research reports that nine hedge funds and banks, including Millennium Management, Brevan Howard, and Goldman Sachs, have collectively reduced their spot ETF exposure by approximately $5.4 billion (68,000 Bitcoins) as cash-and-carry arbitrage trades become less attractive. Meanwhile, sovereign wealth funds and wealth platforms such as Morgan Stanley Wealth Management, Abu Dhabi's Mubadala, and the Abu Dhabi Investment Council have stepped in to buy. The report indicates that as of June 2026, institutional holdings of spot Bitcoin ETFs have decreased by 14% from their September 2025 peak. However, since the June 2026 low, these funds have increased their holdings by 87,000 Bitcoins, which Galaxy describes as directional buying.