Bitcoin Spot ETFs See $105 Million Net Outflow as Hong Kong‑Based Investor Takes a $436 Million Position in IBIT
U.S. spot Bitcoin ETFs posted a $104.9 million net outflow on Tuesday, the first trading day of the week, while a little‑known Hong Kong entity emerged as a major buyer of BlackRock’s iShares Bitcoin Trust (IBIT).
Market snapshot
- Net outflow: $104.9 million on Tuesday, the first session of the week.
- Trading volume: Daily turnover in spot Bitcoin ETFs slipped to just over $3 billion, an almost 80 % decline from the record $14.7 billion recorded on 5 February 2026.
- Key players: Jane Street added $276 million of IBIT in Q4 2025, becoming the second‑largest purchaser behind BlackRock’s own allocations.
The volume contraction signals a cooling of short‑term trading activity in the sector, even as institutional investors continue to reshape their positions.
A Hong Kong‑registered buyer steps in
The most striking development came from a company registered in Hong Kong under the name Laurore. According to a filing with the U.S. Securities and Exchange Commission, Laurore acquired $436.2 million worth of IBIT shares in a single transaction during the fourth quarter of 2025. The filing lists the representative as Zhang Hui, a name the Chinese equivalent of “John Smith,” and provides no public website or press releases.
Jeff Park, an investment adviser at Bitwise Investments, interprets the purchase as a possible early sign of Chinese institutional capital moving into Bitcoin via regulated vehicles. “If the investment is linked to capital flight, the use of an ETF rather than direct BTC exposure could reflect a desire for a more custodial‑friendly, compliant structure,” Park said.
Not all market observers are convinced. Some analysts have questioned why a Chinese‑linked entity would opt for an ETF exposure instead of buying Bitcoin outright, noting that the ETF route adds a layer of regulatory oversight that may not align with the motivations behind a sudden capital outflow.
Institutional activity beyond Laurore
Other sizeable moves in IBIT during Q4 2025 illustrate the varied strategies of global investors:
| Institution | Change in IBIT Position | Approx. Value |
|---|---|---|
| Weiss Asset Management | Added ~2.8 million shares | $107.5 million |
| 59 North Capital | Added ~2.6 million shares | $99.8 million |
| Mubadala Investment Company (Abu Dhabi) | Boosted holdings by 45 % to 12.7 million shares | $630.7 million |
| Brevan Howard | Reduced IBIT exposure by ~85 % (from 37 million to 5.5 million shares) | $273.5 million |
| Goldman Sachs | Trimmed holdings by ~40 % | ~ $1 billion in assets remaining |
The contrasting actions—new inflows from some funds and sizable pull‑backs from others—highlight a period of portfolio rebalancing rather than a unified market trend.
Analysis
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Liquidity squeeze: The sharp drop in daily trading volume suggests that the pool of active traders is shrinking. While inflows from a few institutions offset the overall outflow, the market’s “depth” may be less resilient to large, sudden trades.
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Regulated gateway for Chinese capital? Laurore’s sizeable purchase could be an early indicator that Chinese investors are seeking regulated exposure to Bitcoin, possibly to mitigate the risks associated with direct on‑chain holdings under an increasingly restrictive domestic regulatory environment. The preference for an ETF could also reflect a desire for a custodial solution that satisfies both compliance and liquidity requirements.
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Portfolio realignment: The divergent moves of major players—Mubadala’s aggressive scaling up versus Brevan Howard’s dramatic reduction—underscore that institutional sentiment remains mixed. Some funds view spot Bitcoin ETFs as a long‑term strategic asset, while others appear to be trimming exposure amid broader market uncertainty.
- Potential market impact: If Laurore represents a cohort of Chinese institutions, the $436 million injection could signal a modest but meaningful shift of capital from offshore cryptocurrency exchanges toward U.S.‑registered products. That could add a layer of legitimacy and stability to the spot Bitcoin ETF market, albeit slowly.
Key takeaways
- Net outflow of $105 million on Tuesday marks the first weekly outflow after a period of record inflows earlier this year.
- Trading volume remains depressed, sitting roughly 20 % of its February peak, indicating reduced short‑term market activity.
- Hong Kong‑based Laurore entered the scene with a $436 million purchase of IBIT, potentially hinting at Chinese institutional interest in regulated Bitcoin exposure.
- Institutional behavior is fragmented: while some investors are adding to their holdings, others—most notably Brevan Howard and Goldman Sachs—are scaling back.
- Regulatory considerations may be influencing the choice of ETFs over direct Bitcoin purchases for overseas investors seeking compliance‑friendly pathways.
The next few weeks will reveal whether Laurore’s move is an isolated case or the first of a broader trend of Asian institutional capital entering the U.S. spot Bitcoin ETF market. For now, the sector continues to balance between lingering outflows and strategic inflows from a handful of large players.
Source: https://cointelegraph.com/news/bitcoin-etfs-105-million-outflows-mystery-ibit-buyer?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
