According to André Dragosch, PhD (@Andre_Dragosch), global crypto hedge funds have been actively reducing their bitcoin exposure during the current BTC price rally. Their exposure, measured by the rolling 20-day beta to bitcoin, has dropped to its lowest point since March (source: Twitter, May 19, 2025). For traders, this suggests significant profit-taking by institutional players and a potential shift in market sentiment. Such a decline in hedge fund beta may lead to increased short-term volatility and could signal caution for traders considering long positions, as institutional selling pressure may limit further upside. This trend is a critical indicator for active crypto market participants monitoring large-scale fund flows and bitcoin price momentum.