In Q4 2025, Ethereum ETFs experienced significant reductions in holdings, with Harvard's endowment fund being the largest new buyer of the season

According to Bloomberg ETF analyst James Seyffart, 13F filing institutions have collectively reduced their holdings in Ethereum spot ETFs, with hedge funds concentrating their selling due to the collapse of basis trade returns; traditional/long-term funds are increasing their positions against the trend, with Harvard's endowment fund being the largest new buyer this season.