Bitcoin ETFs retain $53 billion despite recent outflows, says Eric Balchunas

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Yaroslav Dmytrenko

20.02.2026

Bitcoin ETFs retain $53 billion despite recent outflows, says Eric Balchunas — Institutional investors remain in place amid Bitcoin ETF volatility

Ongoing outflows from Bitcoin ETFs, which have occurred intermittently since October last year, have not undermined their broader success story, according to Bloomberg Senior ETF Analyst Eric Balchunas.

Balchunas noted that Bitcoin ETFs still hold a cumulative net inflow of $53 billion. Considering that total net inflows peaked at $63 billion in October 2025, the current level — after several months of outflows — can still be viewed as a success rather than a failure.

Net inflows of more than $53 billion in just two years significantly exceeded Bloomberg’s initial forecasts, which projected between $5 billion and $15 billion over that period.

In other words, recent outflows have not erased the bigger picture. Even with Bitcoin falling roughly 50% from its highs, institutional investors are not exiting the market at the same pace as the price decline. This suggests that many investors are holding Bitcoin for the long term rather than panic-selling.

Moreover, the launch of spot Bitcoin ETFs is widely considered one of the most successful ETF rollouts in U.S. history. In particular, BlackRock’s iShares Bitcoin Trust became the fastest-growing ETF to surpass $70 billion in assets, reaching the milestone in less than a year.

Bitcoin and crypto more generally underperformed other risk assets in 2025. Source: Wintermute, Cointelegraph

Overall, Bitcoin and cryptocurrencies underperformed other risk assets in 2025, according to Wintermute, making 2026 potentially challenging for Bitcoin and the broader digital asset market.

A challenging year ahead

As Cointelegraph notes, investor sentiment remains fragile, prompting some analysts to suggest that this may be the final bull market consistent with Bitcoin’s historical four-year cycle.Others argue that a longer business cycle and evolving macroeconomic conditions could stretch Bitcoin’s traditional rhythm rather than end it.

Bitwise analysts Matt Hougan and Ryan Rasmussen go further, suggesting that Bitcoin may completely break from its long-standing four-year pattern due to the growing influence of institutional capital.

“The wave of institutional capital that began in 2024 is likely to accelerate in 2026,” the analysts said, pointing to expanding access on major wealth management platforms such as Morgan Stanley and Merrill Lynch.

At the same time, despite rapid institutional adoption through spot ETFs, Bitcoin appears to have lost retail investor attention in 2025, as investors shifted toward other fast-growing themes, according to crypto market maker Wintermute.

As we wrote, Ethereum: BlackRock exits ETF positions as price pushes down

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