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13F Filing Reveals a Contradiction: ETFs Continue to Redeem, but Wall Street Private Equity Quietly Increases BTC Holdings Off-Exchange The entire network is focused on the daily fund flows of BTC spot ETFs, and whenever there is a net outflow from ETFs, people shout that institutions are fleeing. However, few look at the SEC's 13F holdings report, which hides a completely opposite truth. In Q2, BTC spot ETFs continued large-scale redemptions, with many funds withdrawing from ETF products.