Group 1: Bitcoin ETF Outflows - Bitcoin spot exchange-traded funds have seen significant outflows totaling $1.62 billion over four trading days, raising concerns about hedge funds withdrawing their Bitcoin exposure as market conditions shift [1] - As of January 22, 2026, US-listed spot Bitcoin ETFs recorded net daily outflows of $32.11 million, with a peak of $708.71 million on January 21 and $483.38 million on January 20, leading to a total of $1.22 billion in net outflows over the past week [2] - BlackRock's iShares Bitcoin Trust led the daily outflows with $22.35 million redeemed, while Fidelity's FBTC followed with $9.76 million in outflows [3][4] Group 2: Market Conditions and Trading Activity - Bitcoin's price was around $89,982 on January 22, down 1.3% for the day and nearly 5% over the past week, indicating a lack of momentum as it briefly dipped to $88,600 [5] - Trading volume for Bitcoin spot ETFs was recorded at $3.30 billion, despite assets under management decreasing to $115.99 billion, which is about 6.49% of Bitcoin's market cap [3] - The overall trading volume has decreased by nearly 28% to $37.77 billion, suggesting thinning market participation as prices consolidate below $90,000 [5] Group 3: Hedge Fund Strategies and Yield Compression - Hedge fund positioning is identified as a significant factor driving the ETF outflows, with yields on the Bitcoin basis trade dropping below 5%, down from around 17% a year ago [6] - As returns compress and approach yields available on short-dated US Treasuries, there is less incentive for fast-moving capital to remain invested in Bitcoin ETFs [6] - Grayscale's GBTC reported flat daily flows but remains deeply negative overall, with cumulative net outflows of $25.58 billion as investors shift away from its higher 1.5% fee [4]

Hedge fund investor Anthony Scaramucci’s firm sent a letter to clients in his opportunity zone fund with a sobering message: You’re likely facing a total loss. https://t.co/vZF0Uggvug ...

Hedge fund manager Ricky Sandler, who threatened to move his $8 billion firm out of New York if Zohran Mamdani became mayor, is staying — for now https://t.co/8poFp69PTp ...

🚨 NEW: Hedge fund manager James Lavish says the “debasement trade” has gone mainstream as institutions turn to Bitcoin. https://t.co/SrD6Fs5jHf ...

JUST IN: Hedge fund advisory firm Falconedge completes pre-IPO raise and plans to use nearly all proceeds to build a Bitcoin treasury. 🚀 https://t.co/GjoiWgFkR3 ...

Hedge fund trader James Litinsky turned a $20 million distressed bonds bet into a billion-dollar mining fortune—with a little help from Uncle Sam and the Chinese. (Photo: Bloomberg) https://t.co/pQJMklFGtC https://t.co/mAF706TKJX ...

Institutional Investment - Hedge fund Brevan Howard disclosed ownership of $13 billion (1300 million) worth of Bitcoin ETFs [1] - Brevan Howard is now the largest institutional holder of BlackRock's Bitcoin ETF [1]

Hedge fund manager Dan Loeb risks winning a pyrrhic victory in his battle to merge a London-listed investment vehicle with an insurer, argues @hughes_chris (via @opinion) https://t.co/SZwdG2NRAo ...

Hedge fund are piling on $ETH short positions on the CME exchange as they continue to capitalize on the basis trade, yielding up to 9.5%. By @oknightcrypto.https://t.co/71b2Kwe4fd ...

Investment Strategy - The firm's strategies are based on identifying market participants acting on non-economic factors [2] - The firm aims to map and trade around these non-economic behaviors [2] Industry Perspective - There are similarities between poker and running a hedge fund [1] - The key is to understand where the money comes from in both disciplines [2]