Bitcoin and Ether spot ETF holders are nursing steep losses as the market continues to search for a local bottom, but data from Bloomberg suggests neither cohort is capitulating.
Bitcoin (BTC) and Ethereum’s native token, Ether (ETH) continue to seach for price stability after trading at respective intraday lows of $66,171 and $1,912 on Thursday.
As this process runs its course, new analysis from Bloomberg analysts investigates how the spot BTC and ETF holders are faring amid sustained price weakness and slowing exchange-traded funds (ETFs) inflows.
Key takeaways:
Bloomberg analyst James Seyffart said that the Ether ETF holders are “sitting in a worse position” than Bitcoin ETF investors. With ETH below $2,000, well below the estimated $3,500 average cost basis, i.e., the average price at which spot ETF investors accumulated their positions, the drawdown has exceeded 50% at its recent low of $1,736.
By comparison, Bitcoin is currently priced at $66,171, also below its estimated $84,063 ETF cost basis, though the drawdown is notably less at 21%.
Seyffart noted that the total net inflows into ETH ETFs have declined by only about $3 billion, suggesting most ETH ETFs investors have held their positions during the recent dip.
Assets held in the spot Bitcoin ETF peaked at $170 billion in October 2025 and now stand at $85.76 billion. The inflows slowed sharply after mid-2025, with $13.7 billion recorded in the first half of the year, $7.64 billion in the second half, and roughly $2 billion in outflows year-to-date. Since July 2025, the cumulative net flows amount to $5.64 billion.
Last Thursday, senior Bloomberg ETF analyst Eric Balchunas noted that only about 6% of total Bitcoin ETF assets exited during the recent selloff. BlackRock’s IBIT has declined to $51 billion from $100 billion at its peak value, but it remains one of the fastest ETFs to reach $60 billion in assets.
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The rolling 30-day Bitcoin ETF flows have turned firmly negative following a failed attempt to return to inflows territory. Excluding a brief rebound, this marks the longest stretch of sustained outflows since launch.
Glassnode data also noted that the 30-day simple moving average of net flows for both Bitcoin and Ether spot ETFs has remained negative for most of the past 90 days. The data shows no clear sign of renewed demand.
Macroeconomic newsletter Ecoinometrics said that the rate of these outflows suggests investors are actively reducing exposure rather than reacting to short-term volatility.
The newsletter added that the combination of price weakness and sustained negative flows aligns with a “bear-market regime” rather than a temporary correction.
