Bitcoin ETFs 'hanging in there' despite BTC plunge: Analyst

US-based spot Bitcoin exchange-traded money (ETF) holders are showing comparatively beardown condemnation contempt a four-month Bitcoin downtrend, according to ETF expert James Seyffart.

“The ETFs are inactive hanging successful determination beauteous good,” Seyffart said successful an X station connected Wednesday.

While Seyffart said that Bitcoin (BTC) ETF holders are facing their “biggest losses” since the US products launched successful January 2024 — astatine a insubstantial nonaccomplishment of astir 42% with Bitcoin beneath $73,000 — helium argues the caller outflows airy successful examination to the inflows during the market’s peak. 

Bitcoin ETF holders are “underwater and collectively holding”

Before the October downturn, spot Bitcoin ETF nett inflows were astir $62.11 billion. They’ve present fallen to astir $55 billion, according to preliminary information from Farside.

“Not excessively shabby,” Seyffart said. 

Source: James Seyffart

Meanwhile, concern researcher Jim Bianco said successful an X station connected Wednesday that the mean spot Bitcoin ETF holder is 24% “underwater and collectively holding.”

Bitcoin holders often look to the show and flows of spot Bitcoin ETFs to gauge marketplace sentiment and imaginable near-term terms direction. 

Bitcoiners are being “very short-sighted”

Crypto analytics relationship Rand pointed retired successful an X station connected Tuesday that this is “the archetypal clip successful past determination person been 3 consecutive months of outflows.”

The extended outflows travel arsenic Bitcoin’s spot terms has fallen 24.73% implicit the past 30 days, trading astatine $70,537 astatine the clip of publication, according to CoinMarketCap.

Some analysts reason that Bitcoin investors are overlooking the bigger picture.

Related: XRP traders much optimistic arsenic BTC, ETH temper turns sour: Santiment

ETF expert Eric Balchunas said connected Jan. 28 that Bitcoiners are being “very short-sighted,” fixed that Bitcoin's show since 2022 has been up implicit 400%, compared with golden astatine 177% and metallic astatine 350%.

“In different words, bitcoin spanked everything truthful atrocious successful '23 and '24 (which ppl look to forget) that those different assets inactive haven't caught up adjacent aft having their top twelvemonth ever and BTC being successful a coma,” Balchunas said.

Meanwhile, CryptoQuant CEO Ki Young Ju said successful an X station connected Wednesday that “every Bitcoin expert is present bearish.”

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