US spot Bitcoin ETF holders have largely maintained conviction even as Bitcoin has trended down for four months, ETF analyst James Seyffart said on X, noting that ‘the ETFs are still hanging in there pretty good.’ Seyffart acknowledged investors are facing their largest paper losses since the US spot products launched in January 2024 — roughly a 42% unrealized loss with Bitcoin trading below $73,000 — but emphasized recent outflows are small compared with earlier inflows. Before October’s sell-off, cumulative net inflows into spot Bitcoin ETFs were about $62.11 billion; preliminary Farside Investors data now place them near $55 billion, which Seyffart called ‘not too shabby.’
Investment researcher Jim Bianco estimated the average spot ETF holder is around 24% underwater yet continuing to hold. Crypto analytics account Rand highlighted that this episode marks the first time three consecutive months of ETF outflows have occurred. Those outflows have accompanied a sharp price slide: Bitcoin fell roughly 24.7% over the past 30 days and was trading near $70,537 at the time of publication, according to CoinMarketCap.
Some analysts urge a longer-term perspective. ETF analyst Eric Balchunas criticized short-term thinking, pointing out Bitcoin’s performance since 2022 has risen more than 400%, compared with gold at about 177% and silver near 350%. CryptoQuant CEO Ki Young Ju observed that sentiment among Bitcoin analysts has turned broadly bearish.
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