Clients of BlackRock’s Bitcoin ETF sold $104.97 million worth of Bitcoin. That is real money leaving the largest spot Bitcoin fund in the US.
Before anyone pictures Larry Fink personally dumping coins, this was not BlackRock trading for its own book. The outflow came from investors redeeming their shares. BlackRock simply ran the checkout line.
What happened
The fund in question is the iShares Bitcoin Trust, ticker IBIT. It is the leading spot Bitcoin ETF by assets and by accumulated inflows.
Know when your
coins move
Alerts, real-time prices, and market news — all in one app 
Point your phone camera to install 
4.8 based on 40K reviews in the App Store and Google Play 
The $104.97 million figure lines up closely with broader category data. US spot Bitcoin ETFs reported $104.9 million in net outflows on February 18, 2026.
The timing matters as much as the size. Trading volume across these products dropped by nearly 80% from a peak recorded on February 5.
Total ETF volume fell to just over $3 billion during this stretch.
The institutional shuffle behind the numbers
Daily flows tell you what happened on one day. Quarterly 13F filings tell you who has been rearranging the furniture.
For readers unfamiliar with them, 13F filings are disclosures that large institutional investment managers submit to show their holdings. The Q4 2025 batch showed some sharp moves in IBIT positions.
On the buying side, a Hong Kong-based entity called Laurore picked up $436.2 million of IBIT during the quarter.
Trading firm Jane Street added another $276 million of IBIT in the same period. Jane Street is a major market maker, so its positions can reflect trading and liquidity roles as much as directional conviction.
The selling side featured some heavyweight names. Brevan Howard cut its IBIT holdings by approximately 85%.
Goldman Sachs reduced its stake by 40%.
How we got here
US spot Bitcoin ETFs launched in January 2024. They quickly pulled in tens of billions of dollars in net inflows, and IBIT rose to the top of the category.
The products gave pension funds, wealth managers, and hedge funds a way to hold Bitcoin exposure through a regular brokerage account. No private keys, no exchange accounts, no explaining hardware wallets to a compliance department.
What this means
For investors, the $104.97 million redemption is a data point, not a verdict. It is meaningful in absolute terms and small relative to the total capital that has flowed into these funds since 2024.
The more telling signal may be the volume collapse. A nearly 80% drop in trading activity from the February 5 peak suggests the urgency that drove earlier buying has faded, at least for now.
The 13F data adds nuance that daily flow headlines miss. When Brevan Howard trims approximately 85% and Goldman Sachs cuts 40%, while Laurore and Jane Street add hundreds of millions, the story is less about institutions leaving and more about which institutions are holding the bag, and which are holding the opportunity.
The appearance of a Hong Kong-based buyer at that scale is worth noting on its own. It shows that demand for US-listed Bitcoin ETFs is not limited to domestic money managers.