Extended crypto ETF outflows shows institutions disengaging: Glassnode

cointelegraphPubblicato 2025-12-24Pubblicato ultima volta 2025-12-24

Introduzione

Cryptocurrency ETFs, particularly for Bitcoin and Ether, are experiencing a prolonged period of outflows, signaling a significant pullback by institutional investors, according to analytics firm Glassnode. The 30-day simple moving average for net flows into US spot Bitcoin and Ether ETFs turned negative in early November, indicating muted institutional participation and a broader liquidity contraction in the crypto market. While aggregate Bitcoin ETF flows have been negative for four consecutive days, BlackRock's iShares Bitcoin Trust (IBIT) saw minor recent inflows. Despite the current trend, IBIT has attracted $62.5 billion since its launch, surpassing all competitors. Notably, it ranked sixth on Bloomberg’s 2025 Flow Leaderboard despite a negative return, even outperforming the SPDR Gold Shares fund in inflows, which analysts see as a positive long-term indicator.

Bitcoin and Ether exchange-traded funds have seen a prolonged streak of outflows, indicating that institutional investors have disengaged with crypto, says the analytics platform Glassnode.

Since early November, the 30-day simple moving average of net flows into US spot Bitcoin (BTC) and Ether (ETH) ETFs has turned negative, Glassnode said on Tuesday.

“This persistence suggests a phase of muted participation and partial disengagement from institutional allocators, reinforcing the broader liquidity contraction across the crypto market,” it added.

Flows into crypto ETFs usually lag the spot markets for the tokens, which have been trending down since mid-October.

The ETFs are also considered a bellwether for institutional sentiment, which has been a market driver for most of this year but seemingly turned bearish as the wider market has contracted.

Crypto ETF selling pressure is back

Coinglass said aggregate Bitcoin ETF flows have been in the red for the past four consecutive trading days. However, BlackRock’s iShares Bitcoin Trust (IBIT) has seen minor inflows over the past week.

“Crypto ETF selling pressure is back,” the Kobeissi Letter said on Tuesday. It reported that crypto funds recorded $952 million in outflows last week, and investors have now withdrawn capital in six out of the last ten weeks.

Related: BlackRock pins Bitcoin ETF as major theme alongside T-bills, tech stocks

Despite the recent outflows, the industry-dominant BlackRock fund has seen $62.5 billion in inflows since inception, eclipsing all rival spot Bitcoin ETFs.

IBIT beat gold for flows

Bloomberg ETF analyst Eric Balchunas said on Saturday that IBIT is the only ETF on Bloomberg’s “2025 Flow Leaderboard” with a negative return for the year.

“The real takeaway is that it was sixth place despite the negative return,” he added.

Balchunas said that BlackRock’s flagship Bitcoin fund even took in more than the SPDR Gold Shares fund (GLD), which was up 64%.

“That’s a really good sign long term IMO. If you can do $25 billion in a bad year, imagine the flow potential in a good year.”

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Domande pertinenti

QWhat does the prolonged streak of outflows from Bitcoin and Ether ETFs indicate according to Glassnode?

AIt indicates that institutional investors have disengaged with crypto, suggesting a phase of muted participation and a broader liquidity contraction across the crypto market.

QSince when has the 30-day simple moving average of net flows into US spot Bitcoin and Ether ETFs turned negative?

ASince early November.

QWhich Bitcoin ETF has seen minor inflows over the past week despite overall outflows?

ABlackRock’s iShares Bitcoin Trust (IBIT).

QHow much in outflows did crypto funds record last week as reported by the Kobeissi Letter?

A$952 million.

QWhat significant achievement did Bloomberg ETF analyst Eric Balchunas highlight about the iShares Bitcoin Trust (IBIT) on the 2025 Flow Leaderboard?

AIBIT was the only ETF on the leaderboard with a negative return for the year but still ranked sixth in flows, even taking in more than the SPDR Gold Shares fund (GLD) which was up 64%.

Letture associate

BTC Market Pulse: Week 30

After rebounding from around $58,000 to briefly touch $65,000, Bitcoin has entered a consolidation phase near $64,500. While the recovery is intact, upward momentum has cooled with subdued spot trading volumes, indicating the market is seeking a firmer equilibrium. Derivatives markets show compressed volatility spreads, suggesting a reduced risk premium as sentiment becomes less defensive. Speculative activity is gradually returning, evidenced by rising futures and options open interest and a shift to net buying in perpetual markets. Demand for downside protection has eased. However, lower funding rates indicate this exposure is being rebuilt cautiously, avoiding excessive leverage. On-chain metrics show stabilization, with modest improvements in economic activity. Capital flows remain cautious, but recovering US spot ETF inflows and ETF cohorts nearing breakeven point to fading institutional selling pressure. The market appears increasingly balanced, supported by long-term holder profitability but remains sensitive to shifts in momentum due to a growing share of short-term capital.

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Bitcoin remains unable to decisively break above the $65k-$67k local supply zone despite a recent positive turnaround in spot Bitcoin ETF inflows since mid-July. Analyst data shows a significant drop-off in 30-day Bitcoin spot demand, deteriorating from -80k BTC to -170k BTC. While short-covering in derivatives and reduced sell pressure from short-term holders have provided stability, key indicators suggest this is stabilization, not a bullish reversal. The Bitcoin New Investors metric, while increased, remains near yearly lows at 8.1, indicating insufficient new capital strength. Furthermore, the short-term holder spent output profit ratio (STH SOPR) remains below 1.0, meaning these holders are on average realizing losses, a sign bearish sentiment persists. The overall conclusion is that the market lacks the momentum from new capital and positive short-term holder sentiment required for a sustained bullish trend reversal.

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Pi Network's PI token extended its bullish momentum, briefly reclaiming $0.10 before trading around $0.098 with an 11% daily gain. This rally is backed by a 200% surge in trading volume, a market cap of $1 billion, and sustained demand from investors ahead of the upcoming Protocol v25 upgrade on July 22nd. The upgrade aims to improve network stability, introduce zero-knowledge application capabilities, and restore pioneer confidence. Market sentiment is optimistic, with the Long/Short Ratio remaining above 1 for two days and positive market demand indicated by a consecutive nine-day positive Delta. Technically, PI shows strong upward momentum, flipping key moving averages and forming a bullish MACD crossover. However, the MACD remains negative, suggesting buyers have not yet fully dominated. If the upcoming upgrade fuels further accumulation, PI could sustain above $0.10 and target the $0.12 resistance level.

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