A report indicates that between Bitcoin's peak in October 2025 and June 2026, nine hedge funds and banks collectively sold ETF shares equivalent to approximately 68,000 Bitcoins, valued at about $5.4 billion at current prices. These institutions primarily engaged in arbitrage trading, buying ETFs while shorting Bitcoin futures to profit from the spread between the two. As the spread yield has fallen from 7.9% to 4.8%, leaving only a 1.5 percentage point premium over cash after fees, arbitrage trading is no longer attractive, leading to hedge fund exits. Meanwhile, sovereign wealth funds such as Morgan Stanley Wealth Management, Mubadala, and the Abu Dhabi Investment Council, along with approximately 2,200 other filers, collectively purchased about 20,000 Bitcoins. Retail investors only reduced their holdings by 6.6% during this period, demonstrating a long-term holding tendency. Furthermore, the Federal Reserve maintained interest rates on Wednesday, and market expectations for a December rate hike have dropped to zero, with an anticipated halving of tightening, which is bullish for all risk assets. Bitcoin ETFs saw inflows exceeding $400 million this week, pushing October's net inflows into positive territory and laying a bullish foundation for the market.