$BTC

BTC

64,322.46

-1.26%

When the October peak above $126,000 triggered systematic de-risking, hedge funds aggressively dumped their exposure to Bitcoin ETFs in Q4 2025, reducing aggregate allocations by 28% from Q3 levels (CF Benchmarks). Today's price of bitcoin is close to $66,000, down almost 50% from its peak due to new tariff uncertainty. This is a sort of mechanical retreat: as arbitrage crowded out and eroded the carry that supported positions, basis trade yields fell from double digits to about 4%.