According to data from SoSoValue and CoinGecko, new capital flow of 145 million USD appeared when the price of Bitcoin $BTC fluctuated around the 70,000 USD mark. However, this figure is still not enough to offset about 318 million USD withdrawn last week and nearly 1.9 billion USD in redemption value since the beginning of the year.
Cash flow from the Spot Bitcoin ETF since February 2, 2026
Nevertheless, analysts suggest that the slowing pace of capital outflows may be an important signal. According to CoinShares, the slowdown in outflow cash flow is often an early sign of a potential reversal point for digital asset investment products.
James Butterfill - Head of Research at CoinShares, noted that although prices are under significant pressure, the outflow of capital has decreased sharply, an occurrence that has appeared before periods of stability or recovery in the past.
Institutional demand shows signs of stabilizing
The recovery of Bitcoin ETFs is occurring amid a market reassessment of the role of institutional investors. After several weeks of negative cash flow, the emergence of consecutive sessions recording positive cash flow suggests that demand from institutional players may be stabilizing.
Recently, the price of Bitcoin $BTC has adjusted to a level equivalent to October 2024. However, analysts at Bernstein argue that this decline is not accompanied by major industry incidents like previous cycles, leading many to call this the 'weakest bear market scenario' in Bitcoin's history.
The absence of a major systemic shock helps reduce widespread risks, while creating conditions for capital to return if market sentiment improves.
Early investors have not left the market
Some opinions suggest that the process of 'institutionalizing' Bitcoin through ETFs could change the nature of the market and cause early investors to abandon their positions. However, according to Matt Hougan - Chief Investment Officer of Bitwise, this has not accurately reflected reality.
Hougan stated that a large portion of early investors continue to hold Bitcoin. Rather than leaving the market, many are just partially taking profits after a strong previous growth phase. The group of investors with a cypherpunk mindset or those opposing the involvement of large institutions now makes up a smaller ratio compared to before.
This assessment indicates that institutional capital and individual investors entering the market early are not necessarily in opposition to each other but can coexist in the current market structure.
Altcoin ETFs also recorded positive cash flow
Not only Bitcoin ETFs, but Spot altcoin ETFs also reported positive signals. Data shows that Ether ETFs attracted about 57 million USD in capital flow, while XRP ETFs recorded 6.3 million USD.
The correlated movements between Bitcoin and some major altcoins may reflect an overall improvement in investor sentiment towards the digital asset group, although the long-term trend still requires more time for confirmation.