Spot Bitcoin ETFs lost another $272M, pushing total assets under management back below $100B — for the first time since April 2025. The peak was in October at around $168B. The contrast is, to put it mildly, brutal.
📉 By the numbers
— AUM: < $100B
— YTD outflows: nearly $1.3B
— BTC dropped below $74k
— Total crypto market cap in a week: $3.11T → $2.64T
🪙 Alt funds are holding up
While Bitcoin ETFs see outflows, altcoin funds posted inflows:
— ETH: +$14M
— XRP: +$19.6M
— SOL: +$1.2M
A weak signal, but a telling one — capital is looking for alternatives.
🏗 ETFs below cost basis
BTC is trading below $84k — the average creation price for ETF shares.
In practice: new shares are being created at a loss, so pressure on flows is logical.
🧠 Institutions aren’t panicking
ETF analysts broadly agree:
— there won’t be a mass exit
— long-term institutional holders remain patient
🔁 Next stage — on-chain
B2C2 says it plainly: the next institutional wave won’t come via ETFs, but through direct crypto trading.
ETFs are the entry point. On-chain is the next level.
📌 Conclusion
ETFs are weakening — not because Bitcoin is dead, but because the format is getting tight. Institutions aren’t leaving. They’re changing the route.