Despite facing their largest losses since inception in January 2024, Bitcoin ETF holders are demonstrating strong resilience, as noted by ETF expert James Seyffart.

“The ETFs are still hanging in there pretty good,” Seyffart commented in a post on X.

Currently, Bitcoin ETF holders are experiencing an approximate paper loss of 42%, as Bitcoin prices dip below $73,000. Nevertheless, Seyffart emphasizes that current outflows are minor compared to the inflows witnessed during the market’s previous peak.

Current Situation of Bitcoin ETF Holders

Prior to the downturn seen in October, Bitcoin ETF net inflows were about $62.11 billion, but this has since dwindled to approximately $55 billion, according to early data from Farside Investors.

“Not too shabby,” Seyffart remarked.

Meanwhile, investment researcher Jim Bianco remarked that many ETF holders find themselves 24% “underwater” while collectively holding onto their investments.

A Long-view Perspective

Crypto analytics account Rand highlighted that this situation marks the first instance of three consecutive months of outflows. Despite Bitcoin’s price decline by 24.73% over the past month—trading at $70,537 based on CoinMarketCap—some analysts believe that investors are not looking at the larger picture.

Related: XRP traders more optimistic as BTC, ETH mood turns sour

ETF expert Eric Balchunas stated on January 28 that Bitcoin investors are demonstrating a “very short-sighted” approach, noting that since 2022, Bitcoin has seen gains exceeding 400%, while gold and silver rose by 177% and 350%, respectively.

“In other words, Bitcoin performed remarkably well in ‘23 and ‘24, overshadowing other assets as they struggle to catch up,” Balchunas pointed out.

In closing, Ki Young Ju, CEO of CryptoQuant, noted in a recent X post that “every Bitcoin analyst is now bearish.”