[Q4 2025 Ethereum ETF Faces Significant Sell-Off, Harvard Endowment Fund Becomes Largest New Buyer of the Quarter] According to Bloomberg ETF analyst James Seyffart, 13F filing institutions overall reduced their holdings of Ethereum spot ETFs in Q4 2025. Hedge funds sold off heavily due to the collapse of basis trade returns in early October. Traditional/long-term funds increased their positions against the trend, with the Harvard Endowment Fund becoming the largest new buyer of the quarter.