Professional investors reduced their Bitcoin ETF exposure by 52,000 BTC in the first quarter, marking a 17% decrease, according to CoinShares' analysis of quarterly 13F filings. The total value of these holdings fell by 35% to $17.8 billion, with the share of U.S. Bitcoin ETF assets held by 13F filers dropping from 24.7% to 20.8%. The reduction was primarily driven by hedge funds and brokerages, which accounted for 96% of the sell-off. Hedge funds offloaded 31,400 BTC, a 39% decrease, while brokerages sold 18,800 BTC, a 53% decrease. In contrast, investment advisors, the largest group of professional investors, sold only 5.9% of their holdings. Meanwhile, banks increased their Bitcoin ETF holdings by 7,800 BTC. CoinShares analyst Matt Kimmell noted that this trend aligns with historical market behavior during downturns, as leveraged and strategic positions are cleared out.