US-based spot Bitcoin ETF holders have shown relatively firm conviction despite a four-month Bitcoin downtrend, ETF analyst James Seyffart said in an X post Wednesday: “The ETFs are still hanging in there pretty good.”
Seyffart noted ETF holders are facing their “biggest losses” since the US products launched in January 2024 — roughly a 42% paper loss with Bitcoin below $73,000 — but argued recent outflows are small compared with prior inflows. Before October’s downturn, spot Bitcoin ETF net inflows were about $62.11 billion; preliminary Farside Investors data now put them near $55 billion. “Not too shabby,” Seyffart added.
Investment researcher Jim Bianco said the average spot Bitcoin ETF holder is about 24% “underwater and collectively holding.” Crypto analytics account Rand pointed out this is the first time in history there have been three consecutive months of outflows.
The outflows have coincided with a sharp price slide: Bitcoin’s spot price fell about 24.73% over the past 30 days, trading near $70,537 at the time of publication, according to CoinMarketCap.
Some analysts say investors are missing the wider context. ETF analyst Eric Balchunas called Bitcoiners “very short-sighted,” noting Bitcoin’s performance since 2022 is up more than 400%, versus gold at 177% and silver at 350%. CryptoQuant CEO Ki Young Ju added that “every Bitcoin analyst is now bearish.”
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