币界网报道:According to the CoinShares report, institutional investors’ exposure to Bitcoin in the first quarter of 2025 fell by 23% from $27.4 billion in the fourth quarter of 2024 to $21.2 billion, the first quarterly decline since the launch of the US spot ETF. The report analyzed that this trend is the combined result of falling Bitcoin prices and active selling. The report also pointed out that the market was mainly driven by companies adopting Bitcoin as a treasury and reserve asset in the last quarter, rather than professional fund managers buying ETFs, reflecting the shift of investment strategies from short-term profit to long-term savings.