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Why Bitcoin Treasuries are trading at a discount (7:02)
Harvard has a new crypto preference and it's not Bitcoin (BTC).
New filings show the Ivy League endowment manager is no longer treating Bitcoin as the only preferable cryptocurrency, even after building one of the more closely watched exchange-traded fund (ETF) positions in U.S. academia.
Related: Analyst predicts next big crash for Bitcoin as markets rally
Institutional investors deepen crypto exposure
Big money has been leaning further into crypto ever since ETFs lowered the barrier for traditional players to enter the space. Custody and compliance have also evolved in the last couple of years. 
According to recent fund flow data by Farside Investors, U.S. spot Bitcoin ETFs saw sharp outflows at the end of January, including a single-day net withdrawal of $817.8 million on Jan. 29 and another $509.7 million on Jan. 30.
Bitcoin ETF Flow tracker by Farside Investors
Between Feb. 11 and Feb. 12 alone, total net outflows reached $686.5 million before stabilizing. Since launch, however, the products have still accumulated a cumulative net inflow of $54.31 billion.
Even with that volatility, large asset managers have continued building exposure through regulated crypto investment products.
Goldman Sachs has disclosed holdings across multiple crypto-linked ETFs, including Bitcoin and Ethereum (ETH) funds, and has also participated in products tied to XRP and Solana exposure. 
Meanwhile, on Jan. 6, Morgan Stanley applied with the U.S. Securities and Exchange Commission (SEC) to launch the Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust.
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Harvard’s evolving crypto portfolio
Harvard Management Company first disclosed a roughly $116 million stake in BlackRock’s iShares Bitcoin Trust (IBIT) in 2025, gaining exposure to Bitcoin through a regulated spot ETF rather than direct custody. 
In the following quarter, Harvard tripled the exposure to about $443 million, making the Bitcoin ETF its largest publicly disclosed U.S. equity holding at the time. 
Related: Harvard University reveals shocking Bitcoin investment
Harvard trims Bitcoin exposure amid market sell-off
In its Form 13F filing for the quarter ended Dec. 31, 2025, Harvard Management Company reported holding 5,351,234 shares of BlackRock’s iShares Bitcoin Trust, down 21% from 6,809,091 shares as of Sept. 30, 2025.
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During the same fourth quarter of fiscal 2025, Harvard initiated a new position in BlackRock’s iShares Ethereum Trust, purchasing 3,873,562 shares valued at $86.8 million as of Dec. 31, 2025. The filing marked the endowment’s first publicly disclosed exposure to an Ethereum-based ETF. 
The cryptocurrency markets in 2026 are in a bearish cycle.
Bitcoin and other major cryptocurrencies have endured a prolonged drawdown after peaking in late 2025. After hitting multi-year highs, Bitcoin has fallen sharply into the mid $60,000s this year, leaving prices roughly 22% below the start of 2026 and marking one of the weakest opening quarters since 2018.
At the time of writing, Bitcoin was trading at $68,473.77, down 1.6% over the past 24 hours. Ethereum was changing hands at $1,968.96, after slipping 2.0% on the day, as per data from CoinGecko.
Related: Another crypto company halts withdrawals as markets slide
#BTC  #SEC  #etf #xrp  #ETH
 

The management company behind the university’s $56.9 billion endowment opened a new position in BlackRock's spot $ETH ETF, while reducing its Bitcoin #etf stake by 21%.
The Harvard Management Company, which manages the eponymous university’s endowment, has reduced its stake in BlackRock’s spot #bitcoin exchange-traded fund and opened a new position in the asset management company’s Ethereum ETF.
In a Friday filing with the US Securities and Exchange Commission, Harvard’s endowment reported that it had reduced its position in the BlackRock iShares $BTC Trust ETF to $265.8 million as of Dec. 31 from $442.9 million in Q3 2025. The investments marked the company offloading more than 1 million shares of the ETF, to 5.4 million in Q4 from 6.8 million in Q3.
In addition to the 21% reduction in its Bitcoin position, the Harvard Management Company reported a new investment with exposure to $ETH . According to the SEC filing, the endowment purchased more than 3.8 million shares of BlackRock’s iShares Ethereum Trust, valued at about $87 million as of Dec. 31. 
The portfolio managers’ decisions occurred during a period of significant price volatility for Bitcoin and other cryptocurrencies. The price of BTC dropped to less than $90,000 by January 2026 from more than $120,000 at the beginning of July 2025, while #Ethereum dropped to under $3,000 from more than $4,000 in the same period.
As of June 30, 2025, Harvard reported that its endowment stood at $56.9 billion, making its investments in the Blackrock crypto ETFs 0.62% of the total assets under management. The company similarly increased its position in Google’s parent Alphabet by almost $100 million, while reducing its stake in Amazon by about $80 million in Q4 2025.
AI hedge fund backed by “top university endowments”
Harvard’s moves come as Numerai, an #AI hedge fund, reported in November that it had raised $30 million in a funding round led by “top university endowments,” which the AI hedge fund described as “the smartest, most long-term allocators in the world,” without identifying specific endowments. However, the announcement pushed the price of its native NMR token up by more than 40%.
This article is my own research it might be wrong so it's better to do research on your own behalf.
#bullishleo

Something shifted in the market mood on February 13th, and it wasn't subtle. BlackRock, the firm managing over $10 trillion in global assets, moved a massive chunk of crypto onto Coinbase. We're talking 3,402 $BTC worth roughly $227 million and 15,108 $ETH valued around $29.5 million. When that kind of money lands on an exchange, the market starts asking uncomfortable questions.
Transfers to exchanges don't guarantee a sell order is coming. But let's be real, they rarely happen without a reason, especially when they line up perfectly with ETF redemptions and a deteriorating macro backdrop.
BlackRock's ETF Products Are Bleeding Capital
The on-chain movement didn't happen in a vacuum. BlackRock's iShares Bitcoin Trust had already posted significant withdrawals, and the firm's Ethereum ETF wasn't spared either, logging daily net outflows on the same day. Pull the lens back further and the picture gets worse. Bitcoin spot ETFs across all issuers saw hundreds of millions in net redemptions, while Ethereum products followed the same downward trajectory.
This isn't one fund having a bad day. This is institutional money moving to the sidelines in a coordinated fashion. Risk appetite is clearly fading as both BTC and ETH struggle to hold key psychological price levels. The flows tell the story before the charts do.
Washington's Dysfunction Is Making Everything Worse
As if the institutional selling pressure wasn't enough, Washington decided to throw gasoline on the fire. Another partial government shutdown is looming after Congress once again failed to meet a funding deadline. Markets hate uncertainty, and crypto especially hates it.
We saw exactly how this plays out just weeks ago. When the last shutdown began, Bitcoin was sitting comfortably above $80,000. It didn't stay there long. Prices collapsed to near $60,000, liquidations cascaded across leveraged positions, and bullish momentum evaporated almost overnight. Traders who lived through that are understandably nervous about round two.
CPI Data Could Pour More Fuel on the Fire
The macro calendar isn't doing crypto any favors right now. Upcoming U.S. CPI data has the potential to be a serious volatility trigger. Some analysts are calling for softer inflation numbers, which would be a relief. But if the reading comes in hotter than expected, the dollar strengthens and risk assets take another hit.
What's interesting is that big institutions seem to be positioning ahead of the data rather than waiting to react. That's a defensive playbook, and it tells you how nervous the smart money really is right now.
Even Nation States Are Pulling Back
BlackRock isn't the only heavyweight reducing exposure. Sovereign entities have reportedly been trimming their crypto holdings over recent months, adding to the defensive posture across the market. Even banks that were previously vocal bulls have started walking back their optimism, revising year-end targets lower and acknowledging that more pain could come before any real recovery takes shape.
When governments, asset managers, and investment banks all move in the same direction at the same time, retail traders should probably take note.
Routine Rebalancing or the Start of Something Bigger?
Here's where it gets tricky. This could absolutely be standard portfolio management from BlackRock. Large funds move assets around constantly, and not every exchange transfer turns into a market dump. But the context matters. ETF outflows accelerating, macro risks stacking up, technical levels breaking down, and sovereign sellers joining the party, that's not a normal week.
The next few trading sessions will tell us a lot. If Bitcoin holds current levels and ETF flows stabilize, this was probably noise. But if outflows keep building and price breaks lower, that $257 million transfer might just be the opening act.
#MarketRebound #BlackRock #etf

Roughly $257 million in crypto was moved from wallets linked to BlackRock to Coinbase — about 3,402 BTC (~$227M) and 15,108 ETH (~$29.5M). When the world’s largest asset manager shifts that much onto an exchange, traders pay attention.
Exchange Inflows Don’t Happen in Isolation
Transfers to exchanges don’t automatically mean a sell-off. But in institutional flows, timing is everything. This move coincided with:
Ongoing outflows from BlackRock’s spot Bitcoin ETF
Redemptions in its Ethereum ETF product
Broader weakness across U.S. spot crypto ETFs
Across issuers, spot Bitcoin funds saw heavy net redemptions, and Ethereum products followed the same path. That’s not random noise — that’s capital stepping back from risk.
Macro Pressure Is Building
The backdrop isn’t helping.
Washington is once again flirting with a government shutdown. Markets dislike uncertainty; crypto tends to react faster and harder than traditional assets. We’ve seen how quickly sentiment can flip when macro stress hits.
At the same time, upcoming U.S. CPI data adds another volatility trigger.
A soft print could ease pressure.
A hotter-than-expected number strengthens the dollar and squeezes risk assets further.
Institutions appear to be positioning defensively ahead of the data rather than reacting afterward — and that’s often a tell.
It’s Not Just One Player
Reports suggest sovereign entities have been trimming exposure as well. Some banks that were previously bullish on crypto have also dialed back year-end targets. When asset managers, governments, and banks shift posture at the same time, it usually reflects broader risk-off conditions.
Rebalancing… or Early Warning?
To be fair, this could simply be routine portfolio management. Large funds rebalance constantly. Not every exchange transfer turns into a market dump.
But context matters:
ETF outflows accelerating
Macro uncertainty rising
Key technical levels under pressure
Institutional positioning turning defensive
That combination isn’t typical background noise.
The next few sessions will be critical.
If ETF flows stabilize and BTC/ETH hold support, this may fade as a non-event.
If outflows build and price breaks lower, that $257M transfer could look like the first domino.
Smart money doesn’t always predict the market — but it often moves before the narrative catches up.
#MarketRebound #BlackRock #etf

Look, when the biggest money manager on the planet starts moving hundreds of millions in crypto to an exchange, you pay attention. That's exactly what happened on February 13th, and the timing couldn't be worse for anyone still holding out hope for a quick recovery.
The Numbers Don't Lie 3,402 BTC and 15,108 ETH Heading for the Exit
Arkham Intelligence tracked BlackRock shuffling 3,402 $BTC Bitcoin (roughly $227 million) and 15,108 $ETH Ethereum (about $29.5 million) straight to Coinbase. Now, transfers to exchanges typically mean one thing selling pressure is coming. Nobody moves that kind of size to Coinbase just to let it sit there.
This wasn't a random Tuesday move either. It came right on the heels of heavy bleeding from BlackRock's own ETF products. IBIT, their Bitcoin ETF, hemorrhaged $157.56 million in outflows on February 12th, while ETHA (the Ethereum fund) shed another $29 million. The broader ETF picture looked just as ugly BTC spot ETFs collectively lost $410 million that day, and Ethereum ETFs watched $113 million walk out the door.
It's Not Just BlackRock The Smart Money Wants Out
What's particularly telling here is that this isn't isolated behavior. Institutional players across the board are trimming exposure, and even sovereign nations are getting cold feet.
Bhutan's government has been quietly dumping Bitcoin for weeks now. Since the October 10th crash, the country has slashed its BTC holdings by nearly 60%. When a nation-state that was once all-in on crypto mining starts aggressively de-risking, you have to wonder what they're seeing that retail isn't.
Glassnode's on-chain data has been flashing warning signs for a while too. Bitcoin's price structure looks fragile, and the selling from big wallets isn't slowing down.
Washington Can't Get Its Act Together Again
Layered on top of all this institutional selling is yet another Washington mess. Congress failed to reach a deal before the February 14th funding deadline, putting the country on track for a partial government shutdown starting February 15th. Yes, another one.
If that sounds familiar, it should. The last partial shutdown kicked off on January 31st, and Bitcoin was trading above $80,000 at the time. Since then? It cratered to $60,000 and hasn't been able to claw its way back above that $80K psychological barrier. Shutdowns create uncertainty, and crypto for all its "decentralized hedge" narrative still trades like a risk asset when fear hits the market.
Standard Chartered Says Brace for More Pain
If you needed one more reason to be cautious, Wall Street bank Standard Chartered dropped a sobering prediction recently. Their analysts see Bitcoin potentially sliding all the way to $50,000 before any meaningful bounce. They've also chopped their year-end price target from $150,000 down to $100,000 that's a significant haircut from one of the more bullish traditional finance voices in the space.
What Does This Actually Mean for You?
Here's the bottom line. When BlackRock moves a quarter billion in crypto to a sell-side exchange, when ETF outflows are accelerating, when sovereign wealth funds are bailing, and when another government shutdown is hitting that's a convergence of pressure that doesn't resolve overnight.
Does it mean crypto is dead?
Absolutely not. But it does mean that the "buy every dip" crowd might want to exercise some patience here. The big players are clearly repositioning, and fighting that kind of flow rarely ends well for retail traders.
Watch the ETF flow data closely over the next week. If outflows continue accelerating, $60,000 BTC might not be the bottom everyone assumed it was.
#MarketRebound #blackRock #etf
#ETFvsBTC #ETFs
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