Bitcoin ETFs hold billions despite price crash, but resilience masks harsh reality
Bitcoin spot ETFs in the United States still hold about $85 billion in assets, despite the BTC price crash.
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L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) fourth-quarter 2025 investor letter. A copy of the lette...
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Bitcoin spot ETFs in the United States still hold about $85 billion in assets, despite the BTC price crash.
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The bank also holds a large put option position on Strategy, potentially capitalizing on the company trading above the value of its BTC holdings.