According to ETF analyst James Seyffart, holders of U.S. Bitcoin Exchange spot funds are showing relatively mighty confidence despite Bitcoin’s four-month downtrend.
“ETFs are still holding up well” – Seyffart he said in post X on Wednesday.
While Seyffart said Bitcoin (BTC) ETF holders are facing the “biggest losses” since the products were launched in the U.S. in January 2024 – with a paper loss of about 42% with Bitcoin below $73,000 – he says recent outflows pale in comparison to inflows at the market’s peak.
Bitcoin ETF holders are “underwater and collectively holding.”
Before the October downturn, Bitcoin ETF net inflows were around $62.11 billion. It has now dropped to around $55 billion, According to to preliminary data from Farside Investors.
“Not too shabby,” Seyffart said.
Meanwhile, investment researcher Jim Bianco he said in a Wednesday post on X that the average holder of a spot Bitcoin ETF is 24% “underwater and holding collectively.”
Bitcoiners are “very short-sighted.”
Crypto Rand Analytical Account pointed on Tuesday in a post on X that “for the first time in history, there have been three consecutive months of outflows.”
The extended outflows come as Bitcoin’s spot price has dropped 24.73% over the past 30 days, trading at $70,537 at press time, According to to CoinMarketCap.
Some analysts say Bitcoin investors are missing the bigger picture.
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ETF analyst Eric Balchunas he said On January 28, it was stated that Bitcoiners are “very short-sighted” considering that Bitcoin’s performance since 2022 has increased by over 400% compared to gold’s 177% and silver’s 350%.
“In other words, Bitcoin took a beating from everyone in ’23 and ’24 (which people seem to forget) that other assets still haven’t caught up, even after having the best year in its history and BTC being in a coma,” Balchunas said.
Meanwhile, CryptoQuant CEO Ki Young Ju he said in a Wednesday post on X that “every Bitcoin analyst is bearish right now.”
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