Bitcoin (CRYPTO:BTC) ETF investors are facing a critical test as prices hover near their collective entry level following weeks of sustained outflows.
Institutional conviction is under pressure as exchange-traded fund holdings have fallen by more than $6 billion from recent highs.
New on-chain data from CryptoQuant shows ETF buyers struggling to maintain exposure amid weakening price momentum.
US spot Bitcoin ETFs have recorded cumulative outflows exceeding $6 billion since net assets peaked at $72.6 billion in October 2025.
The pullback followed Bitcoin’s all-time high near $126,200, which marked the turning point for institutional positioning.
Current price action has brought Bitcoin close to the ETF realised price of roughly $86,600, the average level at which ETF investors entered the market.
Analysts describe this zone as a make-or-break area for sentiment as unrealised profits across ETF holders have largely evaporated.
With price sitting on the ETF realised price, the marginal ETF holder is no longer a seller locking in gains, but an investor deciding whether to tolerate drawdowns or exit at breakeven,” I.