US spot Bitcoin exchange-traded funds (ETFs) have seen significant recent outflows, yet they still boast substantial cumulative inflows. As per Bloomberg analyst Eric Balchunas, the total net inflows into Bitcoin (BTC) ETFs reached a peak of $63 billion in October, with present figures around $53 billion following months of withdrawals.

“That’s NET NET +$53b in only two years,” Balchunas remarked on X, exhibiting data from colleague James Seyffart.

This total has drastically outperformed Bloomberg’s initial forecasts, which estimated inflows between $5 billion and $15 billion during this timeframe.

Despite a nearly 50% decline from Bitcoin’s highs, it appears institutional money is remaining stable, indicating that many investors are opting to hold their positions instead of engaging in panic selling.

Bitcoin ETF

The approval of the US spot Bitcoin ETFs in early 2024 marked a pivotal moment, quickly establishing a significant position in the market. Bitcoin’s price ascendancy to new all-time highs leading up to its April 2024 halving event is notable, breaking past historical trends, while ETF-related accumulations surged throughout 2025, hitting a peak in October at over $126,000.

These launches are widely celebrated as perhaps the most successful in US ETF history. BlackRock’s iShares Bitcoin Trust, notably, was the fastest ETF to surpass $70 billion in assets, achieving this milestone in less than a year.

Bitcoin Faces a Challenging 2026

As we glance towards 2026, challenges loom for Bitcoin and the wider asset market amidst a recent wave of selling activity that saw the leading cryptocurrency’s price drop to nearly $60,000. Investor sentiments remain shaky, and some analysts argue the recent bullish trends may coincide with Bitcoin’s typical four-year cycle, suggesting it might be reaching completion.

Conversely, some analysts believe the cycle is undergoing transformation. They contend that evolving business patterns and shifting macro dynamics could adjust Bitcoin’s usual timing, rather than signal an end.

Analysts from Bitwise, Matt Hougan and Ryan Rasmussen, suggest that the influx of institutional capital that began in 2024 will likely gain momentum in 2026 as availability increases on major investment platforms like Morgan Stanley and Merrill Lynch.

Despite quick adoption of institutional investments through spot ETFs, Bitcoin has seemingly lost retail appeal as investors look towards other high-growth opportunities, according to data from crypto market entity Wintermute.