US spot Bitcoin exchange-traded funds still hold about $53 billion in cumulative net inflows despite recent heavy redemptions, according to Eric Balchunas.
Balchunas said inflows peaked at $63 billion in October before slipping to $53 billion after months of outflows, a figure that remains well above Bloomberg’s original $5 billion to $15 billion projection for the first two years.
“That’s NET NET +$53b in only two years,”
Balchunas wrote, highlighting that withdrawals have not erased the broader adoption trend.
The ETFs were approved in early 2024 and quickly became a dominant force, helping drive bitcoin to record highs above $126,000 ahead of its April 2024 halving, with accumulation accelerating through 2025 before sentiment turned.
BlackRock’s iShares Bitcoin Trust became the fastest ETF in US history to surpass $70 billion in assets, reaching the milestone in under a year.
However, bitcoin has since pulled back roughly 50% from its highs to around $60,000, fuelling debate over whether the traditional four-year cycle has ended or is evolving under greater institutional influence.