Disappointing to see individual holdings falling, but there is no other way for fund and ETF holdings to rise. Remember, this is number of bitcoin held, not number of individuals holding. Besides, fund & ETF holdings are mostly held by individual investors.
Discussion
Good point
The ETF holdings aren't "held" by individuals.
They might be - the ETFs are most likely structured in a way that actual ownership is still in the hands of some wallet holders i.e. coinbase, but they "show" that the ETF has the coins, yet the holder is someone other than the institution, or multiple holders i.e. whales, businesses, miners, and then the ETF fund itself.
It's usually how they average down a purchase price -