Bitcoin exchange-traded funds (ETFs) continue to hold $85 billion in assets despite Bitcoin's price falling to $60,000 from a peak of over $126,000 in early October. The 11 spot Bitcoin ETFs in the U.S. have seen only $8.5 billion in net outflows, representing over 6% of Bitcoin's supply. Analysts attribute this resilience to market makers and arbitrageurs, rather than long-term holders. Markus Thielen of 10x Research notes that the structural nature of ETF ownership is dominated by market makers and arbitrage-focused hedge funds, who maintain hedged, non-directional positions. Reports indicate that 55% to 75% of BlackRock's IBIT ETF, valued at $61 billion, is held by these entities. Market makers and arbitrage hedge funds aim to profit from bid-ask spreads and price differentials, maintaining market-neutral exposure to avoid price volatility risks. Thielen also highlighted a reduction in market makers' exposure by $1.6 billion to $2.4 billion in the fourth quarter, reflecting decreased speculative demand.