Galaxy: Hedge Funds Cut 68,000 BTC in Spot ETF Exposure as Carry Trade Unwinds

The unwind is less a verdict on Bitcoin than a rotation in who holds it: leveraged basis traders exiting while wealth platforms and sovereign funds step in. That shift matters because the new holders are slower-moving and less sensitive to funding rates, which could change how ETF flows respond to price swings. Whether this handover deepens or stalls is the open question, and it hinges on whether carry stays unattractive and whether the incoming allocators keep adding.