‘Only 6.6% down’: Are Bitcoin ETFs under stress amid price crash?

U.S. spot Bitcoin ETFs have been comparatively resilient regardless of the crypto asset’s +50% worth decline.

Based on Bloomberg ETF analyst Eric Balchunas, the general BTC held by the ETFs dropped by solely about 7%. He considered the holders, primarily boomers, as ‘diamond fingers.’

“Bitcoin’s worth is down 44% from October excessive, however the quantity of BTC held by the ETFs is simply down 6.6%. Boomer sturdy.”

Supply: X

Earlier than the October crash, the U.S spot BTC ETFs held a file excessive of 1.362 million BTC. This stash had since dropped to 1.272 million BTC by the 4th of February.  

Can ETFs stand up to the stress?

When zoomed out to the worldwide holdings of BTC ETFs (protecting choices within the U.S, E.U., Asia, and others), the identical image emerged. 

Over the identical interval, international BTC ETF holdings dropped by solely 72,400 BTC from October’s excessive of 1.50 million to 1.428 million BTC. That’s solely a 4.8% drop in BTC holdings.  

Supply: BOLD report 

Put in a different way, the market fears and outflows up to now few weeks haven’t led to an enormous drop in BTC held by ETFs. 

Nonetheless, the asset prolonged its worth decline over the previous 24 hours, tagging $60K for the primary time since October 2024.

Though BTC worth had moved up barely to $65K at press time, there was nonetheless uncertainty about whether or not it had reached its remaining market backside. 

Supply: Bloomberg

That stated, the most recent dump noticed BlackRock’s iShares Bitcoin ETF (IBIT) put up its file each day buying and selling quantity of $10 billion and its second-worst worth drop 13%. 

For Balchunas, this was ‘brutal,’ additional elevating questions concerning the ETF consumers’ means to stay resilient if markets go decrease. 

Is $60K the market backside?

In the meantime, Chris Burniske, a VC accomplice at Placeholder and former Ark Make investments crypto lead, said the sub-$60K ranges have been of ‘curiosity’ however anticipated an additional draw back. 

“Watching with curiosity, however not shopping for but. Count on a bounce, however doubt the bloodletting is completed.”

Chris nailed the October market high and the following drawdown. He had projected that the market might backside close to $58K or $50K (ranges that aligned with the 200-Day Easy Shifting Common (SMA) and on-chain price foundation. 

For his or her half, Bitfinex analysts appeared hopeful that the market was not in a greater place to type a backside after the worth dropped under the earlier cycle peak of $69K. However in addition they echoed Burniske’s warning, 

“Order books present most demand below $66k as help bids have been hit or pulled. That may arrange a aid bounce, however with out stronger spot demand and ETF flows, any transfer dangers being only a decrease excessive in a fragile market.”

Supply: Bitfinex 

Ultimate Ideas 

• BTC held by U.S spot ETFs has dropped by solely 7% regardless of BTC’s +50% worth decline since October 2025
• Regardless of the prolonged dip to $60K-$65K zone, analysts appeared cautiously optimistic for a possible BTC backside.