TLDR
A large Wall Street trading firm now holds about $1.3 billion of spot Bitcoin ETFs even as Bitcoin and ETF flows struggle.
- Susquehanna International Group has disclosed roughly $1.3 billion in spot Bitcoin ETF holdings, mostly in Grayscales GBTC, and says this reflects long term conviction in Bitcoin.
- This comes while Bitcoin has dropped about 4050% from its 2025 peak and U.S. spot Bitcoin ETFs have seen a five week outflow streak totaling about $3.8 billion.
- The key watchpoints are whether big institutions keep quietly accumulating, if ETF outflows slow, and how macro risks like tariffs and geopolitics evolve.
Deep Dive
1. Who Added The $1.3 Billion?
Coingape reports that Susquehanna International Group (SIG), a major quantitative trading firm with around $870 billion in assets, has revealed spot Bitcoin ETF holdings of about $1.3 billion, dominated by Grayscale Bitcoin Trust (GBTC) shares worth over $1.09 billion as of December 2025.Susquehanna spot BTC ETF holdings
SIG frames this as a strategic, long term Bitcoin exposure rather than a short term trade, describing Bitcoin as a premier store of value and keeping GBTC as the core of its crypto ETF book.
One large player holding $1.3 billion in BTC ETFs signals that not all institutional capital is exiting, even as prices fall.
2. How Does This Fit The Slump And ETF Flows?
Bitcoin is trading in the mid 60,000s, down roughly 4050% from the October 2025 peak above 126,000, with articles noting a sharp selloff driven by tariffs, Iran tensions, and risk off sentiment.Bitcoin slump and macro stress
At the same time, U.S. spot Bitcoin ETFs have seen nearly 3.8 billion dollars of net outflows over the last five weeks, the longest streak since early 2025, led by redemptions from BlackRocks IBIT.Five week ETF outflow streak
CoinShares data shows crypto ETPs overall have five consecutive weeks of outflows and Bitcoin ETPs have about 1.3 billion dollars of net outflows year to date, while total BTC ETF assets under management have fallen from around 118.1 billion dollars a month ago to about 94.1 billion dollars now.Crypto ETP outflows and BTC ETP data
SIGs 1.3 billion dollar position sits against a backdrop of shrinking ETF AUM and negative flows, so it is a minority but notable vote of confidence during a risk off phase.
3. What To Watch Next?
Despite the outflow streak, there have been individual days of renewed inflows, such as a recent session with about 88 million dollars of net inflows and rising trading volumes in U.S. spot BTC ETFs.Short term inflow day
Other institutions like Abu Dhabi sovereign funds have also increased IBIT holdings above 1.1 billion dollars, suggesting some large buyers are leaning into weakness even as hedge funds de risk overall.Abu Dhabi funds add IBIT
For crypto users, useful signals are: whether ETF outflows slow or flip back to sustained inflows, if big holders keep adding, and whether macro shocks ease enough for risk appetite to return.
Conclusion
A 1.3 billion dollar spot Bitcoin ETF stake from Susquehanna shows that some large institutions are building exposure even while Bitcoin falls and ETF products lose assets. If ETF outflows moderate and more long term buyers emerge, ETF channels could again become a support rather than a drag for BTC, but for now flows and macro risks still point to a fragile environment.
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