Investors in Bitcoin-based spot ETFs are showing remarkable resilience, choosing to maintain their positions even in the face of significant market turbulence. A recent analysis highlights a notable contrast between the flow of funds into ETFs and the fluctuating price of Bitcoin.
According to analyst Markus Thielen, inflows into spot Bitcoin ETFs reached a peak of $61.8 billion by the end of 2025. However, as Bitcoin”s price experienced a steep decline, total inflows subsequently dropped to $54.3 billion. During this period, Bitcoin”s value plummeted from approximately $125,000 to around $70,000.
Despite the widespread sell-offs and forced liquidations impacting the broader market, spot ETF investors have been relatively stable, resulting in limited outflows. Thielen points out that traditional finance investors often consider these ETFs as long-term assets and typically refrain from making hasty sell decisions. This consistent behavior among ETF investors stands in stark contrast to the rapid liquidations observed across the cryptocurrency market.
The analysis suggests that the funds allocated to these ETFs may be more exposed, which could prolong the liquidation process. Thielen emphasizes that this “persistent long-term stance” may indicate a delay in the closure of significant positions by Wall Street investors.
Looking ahead, there are ongoing risks in the market. Recent months have seen a slowdown or reversal in ETF inflows, while Bitcoin continues to face downward pressure in value. Alex Thorn, head of research at Galaxy Digital, predicts additional declines in Bitcoin prices in the coming weeks and months, potentially bringing them closer to historically significant support levels that have marked cycle bottoms.
These developments within the realm of spot Bitcoin ETFs offer critical insights for market observers, particularly regarding the behaviors and strategies of institutional investors within the cryptocurrency landscape.
