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US spot Bitcoin ETFs may be seeing heavy outflows lately, but the broader picture still points to sustained institutional demand. Bloomberg ETF analyst Eric Balchunas said cumulative net inflows into Bitcoin ETFs peaked at $63 billion in October and now stand at about $53 billion, even after months of redemptions.
“That’s NET NET +$53b in only two years,” Balchunas wrote on X, citing data compiled by fellow analyst James Seyffart. He noted the figure is far above Bloomberg’s early projections, which had called for inflows of $5 billion to $15 billion over the same period.
In other words, recent withdrawals have not erased the larger success story. Even with Bitcoin down roughly 50% from its highs, institutional money has not exited at the same pace, suggesting many investors are holding for the long term rather than panic selling.
The US spot Bitcoin ETFs were approved in early 2024 and quickly became a dominant force in the market. Bitcoin later reached new all-time highs ahead of its April 2024 halving event, with ETF accumulation accelerating through 2025 and peaking in October as prices surged past $126,000.
The launches are widely viewed as among the most successful in US ETF history. BlackRock’s iShares Bitcoin Trust, in particular, became the fastest ETF ever to surpass $70 billion in assets, reaching the milestone in under a year.
Despite the strong ETF track record, 2026 is shaping up to be a challenging year for Bitcoin and the broader digital asset market. After a renewed sell-off in late January and early February, Bitcoin fell to about $60,000.
Investor sentiment remains fragile, and some analysts argue that the latest bull market—consistent with Bitcoin’s historical four-year cycle—may have run its course. Others contend the cycle is evolving, pointing to a longer business cycle and changing macro conditions that could be stretching Bitcoin’s traditional rhythm rather than ending it.
Bitwise analysts Matt Hougan and Ryan Rasmussen suggest Bitcoin may be breaking from its long-standing four-year pattern due to the growing influence of institutional capital. They said the “wave of institutional capital that began entering the space in 2024 is likely to accelerate in 2026,” citing expanded access on major wealth platforms such as Morgan Stanley and Merrill Lynch.
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