Bitcoin (BTC) exchange-traded funds (ETFs) have experienced a capital flow trend that Bloomberg Intelligence specialist Eric Balchunas has described as a “two steps forward, one step back” movement.
This description refers to a market pattern characterized by periods of strong accumulation followed by temporary corrections. or profit taking by investors.
In the last month, ETFs based on the digital asset have recorded withdrawals totaling $2.7 billion. Despite this negative flow, Balchunas underlines That figure represents only 1.5% of total assets under management (AUM). The remaining 98.5% of assets remain firm, suggesting that the majority of long-term investors have not liquidated their positions, maintaining a sustained holding stance.
The general panorama, visualized in the following graph of the accumulated flows since the launch of these instruments, shows sustained upward growth. ETFs have reached a total of $59 billion through November 1, 2025. This pattern indicates that, despite weekly fluctuations, the net capital inflow into bitcoin ETFs has been consistently positive over time.
ETFs have gone through a phase of high outflows, with the previous week marking the third largest withdrawal of capital. However, the current week has reversed the trend, registering net inflows. Yesterday a positive flow of 524 million dollars was obtainedmarking the largest entry since October 7, according to data by SosoValue.
As CriptoNoticias has reported, the spot ETF mechanism requires management companies to buy and hold bitcoin to back their actions. Therefore, when a capital withdrawal occurs, managers may find it necessary to sell part of their BTC holdings to cover redemptions. This increase in supply puts direct pressure on the price of bitcoin, which has seen an 8% drop in the last month, in line with recent capital outflows.