53 Billion Still Invested In US Bitcoin ETF

Bitcoin staggers, but institutional capital does not disengage. While crypto has erased nearly 50 % from its peaks, US spot ETFs still show $53 billion in cumulative net inflows. A striking contrast with the atmosphere of distrust dominating the market. Behind the recent withdrawals, the figures tell a deeper dynamic: that of a financial instrument that has far exceeded initial projections and is reshaping institutions’ relationship with bitcoin.

Flows Still Massive Despite Buybacks

Despite several months of capital outflows, US Bitcoin spot ETFs maintain a largely positive record.

Data shared by Eric Balchunas, ETF analyst at Bloomberg, show that :

• Cumulative net inflows peaked at $63 billion in October ;
• They now stand at around $53 billion, after waves of buybacks ;
• Bloomberg’s initial projections anticipated only $5 to $15 billion in inflows over the period ;
• Spot ETFs were approved in early 2024 ;
• BlackRock’s iShares Bitcoin Trust became the fastest ETF in history to surpass $70 billion in assets, in less than a year.

On the X network, Eric Balchunas sums up this performance in one sentence : “this represents, in total, $53 billion in net inflows in just two years”. In other words, despite recent withdrawals and market correction, institutional capital committed since the launch of the products remains massive.

These figures place current outflows in a broader perspective. While flows have declined from their peak, they remain far above initial expectations, confirming that US Bitcoin spot ETFs have experienced one of the most remarkable launches in the recent history of the US index fund market.

A Cycle Ended or a Structural Shift ?

While cumulative flows demonstrate institutional anchoring, the market environment remains unstable. After a new sell-off move in late January and early February, bitcoin returned around $60,000, rekindling questions about the end of the bullish cycle. Some analysts believe the historic four-year pattern may have reached its conclusion.

Others offer a different interpretation. Bitwise analysts Matt Hougan and Ryan Rasmussen suggest the dynamic could evolve under the influence of institutional capital. “The influx of institutional capital initiated in 2024 could intensify further in 2026” they explain, citing the broadening access to bitcoin through major platforms such as Morgan Stanley and Merrill Lynch. Meanwhile, data from market maker Wintermute indicate that bitcoin and the crypto sector underperformed other risk assets in 2025, with more discreet retail interest.

If institutional capital continues to establish itself sustainably through ETFs, bitcoin’s traditional cyclical operation could transform. This year could thus serve as a real-world test : either the market confirms a return to a historic pattern, or it formalizes a new phase dominated by institutional players less sensitive to short-term fluctuations.

Despite the market correction and US Bitcoin ETF outflows, cumulative flows remain largely positive. This contrast fuels the debate on a possible structural shift of the cycle. If institutional momentum is confirmed, this year could mark a lasting turning point in the way bitcoin integrates into global portfolios.