Bitcoin exchange-traded product holdings are down 8% from their all-time peak — the largest drawdown on record. That’s pushed rolling one-year flows into negative territory for the first time since 2023, according to K33 Research.
Vetle Lunde, Head of Research at K33, flagged the shift. The data suggests institutional investors are pulling back from Bitcoin ETPs after a prolonged period of inflows.
It’s not necessarily a bearish signal for Bitcoin itself — ETP flows reflect institutional allocation decisions more than retail sentiment. But it does suggest the easy money from the ETF-driven rally may have run its course for now.
Whether this is a blip or the start of a trend depends on what happens with macro conditions and Fed policy in the coming months.
