[10x Research: 55%-75% of IBIT's $61 billion assets are held by market makers and arbitrage hedge funds] Odaily Planet Daily reported that 10x Research posted on the X platform, stating that despite Bitcoin's 46% decline, Bitcoin ETFs only recorded a net outflow of $8.5 billion. According to the latest Q4 2025 13F filings, an estimated 55%-75% of IBIT's $61 billion assets are held by market makers and hedge funds focused on arbitrage, with most of their positions being hedged or market-neutral rather than expressing directional views. In Q4 2025, as Bitcoin consolidated around $88,000, market makers reduced risk exposure by approximately $1.6 billion to $2.4 billion, reflecting a decline in speculative demand and reduced inventory needs for arbitrage.