It is observed that investors in Bitcoin-based spot ETFs maintained their positions despite the serious pullback in the market. It is stated that there has been a significant divergence between inflows and outflows to ETFs and the change in Bitcoin price recently.
Stagnation in the Spot ETF Market
According to the chart shared by analyst Markus Thielen, inflows into spot Bitcoin ETFs peaked at $61.8 billion at the end of 2025. After this level, total inflows decreased to 54.3 billion dollars. During the same period, the price of Bitcoin lost significant value and fell from 125 thousand dollars to around 70 thousand dollars.
Attitude of Wall Street Investors
While there were major sales and forced liquidations throughout the market, it is stated that spot ETF investors maintained their positions to a significant extent, meaning outflows remained limited. Thielen states that investors in traditional financial markets generally view these ETFs as long-term portfolio assets and avoid sudden sales.
It is noted that this relatively stable attitude in spot ETFs is different from the rapid liquidations seen in the entire market. It is considered that the funds in the ETF section are generally clearly unprotected and the liquidation process may be delayed here.
Thielen’s analysis emphasizes that this “stubborn long-term stance” may mean that Wall Street is largely delaying closing positions.
Risk for the Market Continues
It is noted that inflows to ETFs have stopped and even turned negative in recent months, while losses in the Bitcoin price continue. The analyst is of the opinion that the pressure on the market may continue unless new purchases begin or existing investors turn to sales.
According to the assessment published by Alex Thorn, head of research at Galaxy Digital, it is predicted that Bitcoin may experience further depreciation in the coming weeks and months and prices may approach long-term support levels historically seen as cycle bottoms.
According to Thielen, the current resilience in ETFs prevents the market from fully recovering from recent declines and suggests that a large-scale rebalancing has been postponed.
These developments in spot Bitcoin ETFs present a remarkable picture for those who closely follow the behavior and preferences of institutional investors in crypto markets.
