Are Bitcoin ETFs quietly accumulating or just not selling? The flow data that matters

CoinTelegraph

by Biraajmaan Tamuly

February 23, 2026

AI-Generated Deep Dive Summary

Bitcoin spot exchange-traded funds (ETFs) are experiencing a concerning trend, with four straight months of net outflows as of February 2024. This marks Bitcoin’s fifth consecutive month of negative price movement, raising questions about whether waning institutional demand could signal a broader market downturn. The decline is evident in shrinking ETF balances and bearish net flow data, particularly when compared to competing asset classes. Since October 2023, spot Bitcoin ETFs have seen their holdings drop by approximately 85,000 BTC, reflecting a significant decrease in investor interest. Net assets held in US-based spot Bitcoin ETFs peaked at nearly $170 billion in October 2023 but have since fallen to $84.3 billion as of the latest data. Cumulative net inflows have also declined sharply, dropping from an all-time high of $63 billion to roughly $54 billion. Since July 2023, cumulative net flows for these ETFs have totaled just $5 billion, indicating a sharp slowdown in capital inflows. The decline in institutional demand appears to be a key factor driving this trend. While Bitcoin’s price and spot ETF holdings have both been trending lower since October, the broader market context is also important. Spot Bitcoin ETFs are struggling to compete with other asset classes, as evidenced by their underperformance relative to competing ETFs. This suggests that investor sentiment toward Bitcoin may be shifting, potentially due to broader macroeconomic factors or a loss of confidence in institutional narratives. This situation matters because it

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Originally published on CoinTelegraph on 2/23/2026