Unchained · Friday, October 30, 2026
Alex Thorne noted that fast-money hedge funds and macro traders have reduced their spot Bitcoin ETF exposure and basis trades, while long-term buyers such as sovereign wealth funds, wealth managers, and registered investment advisors have been adding exposure.
“That basis trade has basically dried up. There is no meaningful advantage to trading the Bitcoin basis over just like holding treasuries or like money market funds today.”
“The biggest gainers and adders of Bitcoin spot ETF exposure in Q2 were Morgan Stanley Wealth Management, Mubadala, and Abu Dhabi, the sovereign wealth funds, right? So it's sovereign wealth funds and wealth managers, registered investment advisors, and it's macro and multi-strat fast money hedge funds reducing.”