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.
Analysts at Bitwise argue that growing institutional access through platforms such as Morgan Stanley and Merrill Lynch could accelerate capital flows in 2026, even as retail participation appeared to soften in 2025, according to data from Wintermute.
At the time of reporting, Bitcoin price was $67,298.92.