Bitcoin (BTC) and Ethereum's native token Ether (ETH) proceed to hunt price stability after trading at respective intraday lows of $66,171 and $1,912, respectively, on Thursday.
As that process unfolds, a brand new evaluation from Bloomberg analysts examines how spot BTC and ETF holders are faring amid continued price weakness and slowing exchange-traded fund (ETF) inflows.
Key Takeaways:
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The net value of spot Bitcoin ETF assets fell from $170 billion (peak in October 2025) to $85.76 billion, with net inflows in 2026 at around -$2 billion.
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The value of spot Ether ETF assets fell from $30.5 billion to $11.27 billion, with ETH trading at around $2,000 while the fee basis was $3,500.
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Only about 6% of Bitcoin ETF assets were withdrawn throughout the recent downturn, suggesting limited capitulation.
Average cost basis for US spot ETF deposits. Source: Glassnode
Bitcoin and Ether ETF assets shrink as inflows stall
Bloomberg analyst James Seyffart said that Ether ETF holders are “in a worse situation” than Bitcoin ETF investors. Since ETH is below $2,000, well below the estimated average cost base of $3,500, i.e.
In comparison, Bitcoin's price is currently at $66,171, also below the estimated ETF cost basis of $84,063, although the decline is significantly smaller at 21%.
Cost basis of Ether ETFs and ETH price. Source: James Seyffrat/X
Seyffart noted that total net inflows into ETH ETFs only fell by about $3 billion, suggesting that almost all ETH ETF investors held their positions throughout the recent decline.
Assets held within the spot Bitcoin ETF peaked at $170 billion in October 2025 and now stand at $85.76 billion. After mid-2025, inflows slowed significantly: $13.7 billion was recorded in the primary half of the yr, $7.64 billion within the second half, and outflows of around $2 billion because the starting of the yr. Since July 2025, cumulative net inflows are $5.64 billion.
Total net inflows of the Spot BTC ETF. Source: SoSoValue
Last Thursday, Bloomberg senior ETF analyst Eric Balchunas noted that only about 6% of total Bitcoin ETF assets had flowed out throughout the recent selloff. BlackRock's IBIT has fallen to $51 billion from $100 billion at its peak, but it surely stays one in every of the fastest ETFs to achieve $60 billion in assets.
Bitcoin ETF flows are entering a bear market regime
The ongoing 30-day Bitcoin ETF inflows have clearly turned negative after a failed try to return to inflow territory. Barring a transient rebound, that is the longest period of sustained outflows since inception.
30-day rolling BTC ETF netflows. Source: Econometrics/X
Glassnode data also noted that the 30-day easy moving average of net flows for each Bitcoin and Ether spot ETFs has remained mostly negative over the past 90 days. The data shows no clear signs of renewed demand.
Macroeconomic newsletter Ecoinmetrics said the speed of those outflows suggests investors are actively reducing their exposure moderately than reacting to short-term volatility.
The newsletter added that the mixture of price weakness and chronic negative flows is more consistent with a “bear market regime” than a brief correction.
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