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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

Alright, let’s talk about what happened on February 17.

Solana spot ETFs pulled in $2.1938 million in net inflows. Not billions. Not headline-breaking numbers. Just over two million dollars.

And honestly? That’s still a big deal.

Here’s how it breaks down. The Bitwise Solana Staking ETF brought in $1.6953 million that day alone. That pushes its total historical net inflows to $684 million. Fidelity’s Solana Fund ETF added another $498,500, bringing its cumulative total to $159 million.

Zoom out for a second.

All Solana spot ETFs combined now hold $726 million in net assets. And historically, they’ve pulled in $877 million.

That’s not pocket change. That’s real capital.

Now, if you’re only looking at price charts, you might shrug. But flows tell a different story. I’ve seen this before. When institutions start allocating through structured products, that’s when things shift quietly in the background.

And most people miss it.

Let’s back up a bit.

For years, if you wanted crypto exposure, you had to buy tokens directly. Set up a wallet. Protect your keys. Hope you didn’t screw something up. Institutions hated that. Compliance teams hated that even more.

Then came futures ETFs. They were fine. Kind of. But they tracked contracts, not the actual coins. That meant extra costs, weird tracking issues, and roll mechanics most investors didn’t even understand.

Spot ETFs changed everything. These products actually hold the underlying asset. When money flows in, the issuer buys real Solana. That creates structural demand. It’s simple.

And that’s why these inflows matter.

The Bitwise product is especially interesting because it’s a staking ETF. That’s important. Instead of just sitting on Solana, the fund stakes it and potentially earns rewards from network validation.

That means yield.

And let’s be honest, yield sells. Investors love yield. In a world where traditional fixed income doesn’t always excite people, staking income looks attractive.

But here’s the thing nobody talks about enough: staking isn’t magic money. It depends on validator performance. It depends on network rules. There’s slashing risk. Things can go wrong.

It’s not risk-free. Nothing in crypto is.

Now let’s talk about Fidelity for a second. When a firm like Fidelity launches a Solana ETF and keeps pulling in capital, that’s not random. These firms don’t throw products at the wall. They run numbers. They assess custody risk. They evaluate liquidity.

So when they stick around, that signals confidence in infrastructure.

And that’s where Solana’s story gets interesting.

Solana launched in 2020 with a bold pitch: high throughput, low fees, fast execution. It positioned itself as the performance chain. Developers building DeFi apps, NFT platforms, games, and consumer products loved that.

Users loved cheap transactions.

But Solana also had headaches. Network outages. Validator concerns. Centralization debates. I remember when critics said it would never recover from early instability.

Yet here we are.

Nearly $877 million in cumulative ETF inflows says the market hasn’t written it off.

Now, before anyone gets carried away, let’s inject some reality.

ETFs don’t guarantee price goes up. They don’t magically remove volatility. If the market turns ugly, these same funds can see outflows just as fast. Institutions aren’t loyal. They’re pragmatic.

If risk appetite drops, they sell. Period.

And yes, Solana is volatile. Anyone pretending otherwise hasn’t looked at a chart.

There’s also regulatory uncertainty hanging over crypto as a whole. Governments still debate classification rules. Staking rules could evolve. Tax frameworks could shift. That uncertainty doesn’t disappear just because an ETF exists.

But here’s what I think is really happening.

Crypto is maturing into an actual asset class. Not a meme. Not just retail speculation. A real allocation bucket.

Portfolio managers are starting to treat crypto like they treat emerging markets or high-growth tech. They size positions. They manage exposure. They diversify across networks.

Bitcoin often plays the digital gold role. Ethereum acts as the smart contract backbone. Solana? It’s becoming the high-performance execution layer bet.

And diversification matters. Big money doesn’t want one-coin risk.

The $726 million in net assets might seem small compared to Bitcoin ETFs, but you have to look at trajectory. Solana ETFs didn’t exist at scale a few years ago. Now they’re approaching a billion in historical inflows.

That’s not noise.

There’s also something psychological happening here. When investors can buy Solana exposure inside a brokerage account like any other ETF, it feels normal. No wallets. No exchanges. No complicated custody setups.

Just click and buy.

That normalization lowers friction. And friction kills adoption faster than volatility ever does.

Still, I won’t sugarcoat it. Solana has to prove it can perform under stress. Infrastructure chains don’t get second chances forever. If the network falters during high demand, confidence can evaporate.

And ETF investors won’t wait around out of loyalty.

So what happens next?

If inflows continue steadily, we’ll probably see assets under management cross the billion-dollar mark. That would cement Solana as a serious institutional product.

If markets cool off, expect volatility-driven outflows. It works both ways.

We might also see product evolution. Multi-chain ETFs. Actively managed crypto portfolios. More sophisticated staking structures. The innovation won’t stop.

The big takeaway from February 17 isn’t the exact dollar amount. It’s the signal.

Institutions are allocating. Slowly. Carefully. But consistently.

That’s how markets evolve. Not through one explosive headline, but through steady capital movement that most people barely notice until it’s obvious.

I’ve watched crypto long enough to know that real shifts don’t always scream. Sometimes they whisper.

And right now, Solana ETFs are whispering something important: this network isn’t just a speculative playground anymore. It’s becoming part of structured portfolios.

Whether it deserves a bigger allocation long term? That depends on performance, reliability, and how the broader crypto market matures.

But one thing is clear.

This isn’t the same Solana conversation we were having a few years ago.

Not even close.

#solana
#sol #PredictionMarketsCFTCBacking #OpenClawFounderJoinsOpenAI #etf
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