Bitaigen Research 
As of this week, the U.S. spot Bitcoin ETF has experienced a net outflow of roughly $105 million; within IBIT, a mysterious Hong Kong‑registered company called Laurore purchased shares worth $436.2 million in a single transaction.
The U.S. spot Bitcoin exchange‑traded fund recorded a $104.9 million net outflow during the first trading session of the week. According to data from SoSoValue, the total assets under management (AUM) of the ETF have fallen to about $3 billion, a decline of nearly 80 % from the historic high of $14.7 billion reached on 5 February. The drop signals a continued slowdown in trading activity.
Since 9 February 2026, daily capital flows into U.S. spot Bitcoin ETFs have been as follows (source: SoSoValue):
- Jianjie became the second‑largest buyer of BlackRock iShares Bitcoin ETF (IBIT) in Q4 2025, purchasing $276 million worth of shares.
- In the same period, Laurore made a one‑off purchase of $436.2 million in IBIT shares, emerging as a new participant in the fund.
In this report we outline recent capital movements in U.S. spot Bitcoin ETFs and focus on the mysterious buyer that has appeared behind IBIT. By analysing the data and interpreting market signals, we aim to help readers understand the shifting flow of funds and its possible implications. Further details will be worth monitoring.
Potential signs of Chinese institutions entering Bitcoin?
Jeff Parker, a consultant at Bitwise Investments, points out that Laurore’s stake in IBIT may hint that institutional Chinese capital is gradually moving into Bitcoin. Parker adds that Laurore offers virtually no public information—no website and no media coverage—and the only disclosed registrant name is “Zhang Hui,” which is essentially the Chinese equivalent of “John Smith.”
Source: Jeff Parker
While Parker speculates that the investment could be related to capital outflows, some commentators question why the money was routed through an ETF rather than buying Bitcoin directly.
Brevan Howard cuts IBIT holdings by 85 %
In Q4 2025, besides Laurore and Jianjie, several other institutions made notable allocations to IBIT:
- Weiss Asset Management increased its position by roughly 2.8 million shares, valued at about $107.5 million.
- 59 North Capital added 2.6 million shares, worth approximately $99.8 million.
*Note: Cryptocurrency gains may be subject to tax in the investor’s local jurisdiction. U.S. residents should conduct transactions through Binance.US rather than the global Binance platform.*
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Related Reading
- Bitcoin ETF Cash Flow Analysis: Institutional Insight
- Why U.S. Spot Bitcoin ETFs Face Consecutive Net Redemptions
- Evolution of Crypto ETFs: From Bitcoin to Altcoin Expansion
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