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Bitcoin and Ether exchange traded funds have recorded extended net outflows since November.
Analytics firm Glassnode said the trend points to reduced institutional participation.
The thirty day moving average of ETF flows has turned decisively negative.
The data covers United States spot Bitcoin and Ether ETFs.
Glassnode described the pattern as partial institutional disengagement.
Analysts linked the trend to broader liquidity contraction across crypto markets.
ETF flows typically lag movements in underlying spot markets.
Bitcoin and Ether prices have trended lower since mid October.
ETFs are widely viewed as a barometer of institutional sentiment.
Institutional demand was a key driver earlier in the year.
That support appears to have weakened as markets cooled.
Coinglass reported four consecutive days of net Bitcoin ETF outflows.
Aggregate ETF flows have remained negative across multiple sessions.
Some exceptions emerged among the largest funds.
BlackRock’s iShares Bitcoin Trust recorded modest inflows recently.
Market commentary suggested selling pressure has returned.
Crypto ETF selling pressure is back.
The Kobeissi Letter said.
The publication cited nine hundred fifty two million dollars in weekly outflows.
Investors withdrew capital in six of the last ten weeks.
Despite selling pressure, BlackRock’s ETF remains dominant.
The fund has attracted over sixty two billion dollars since launch.
That figure exceeds all competing spot Bitcoin ETFs combined.
Bloomberg analyst Eric Balchunas highlighted the fund’s resilience.
He noted IBIT ranked sixth on Bloomberg’s annual flow leaderboard.
The ranking occurred despite a negative year to date return.
Balchunas said the positioning reflected long term confidence.
IBIT also surpassed gold ETF inflows during the same period.
SPDR Gold Shares posted strong performance yet saw lower flows.
Analysts viewed this as a positive signal for Bitcoin adoption.
Balchunas suggested flow potential could rise sharply in stronger markets.
Institutional allocators remain cautious amid macro uncertainty.
Rising rates and volatility have reduced risk appetite.
Crypto markets have faced declining volumes across exchanges.
ETF redemptions amplified short term price weakness.
Some analysts argue the pullback reflects consolidation rather than exit.
Long term structural interest in crypto ETFs remains intact.
Regulatory clarity has encouraged broader participation historically.
Market participants continue monitoring ETF data closely.
Sustained inflows are seen as key for renewed momentum.
Glassnode said current conditions reflect muted engagement.
The platform expects participation to recover with improved liquidity.
Institutional behaviour will remain central to market direction.
At the time of reporting, Bitcoin price was $86,882.86.