Yeliz Akmaca 
Selling pressure in the crypto market has intensified in recent weeks, this time reinforced by on-chain data. According to a new analysis from Glassnode, persistent net outflows from Bitcoin and Ethereum spot ETF since early November point to a noticeable pullback by institutional investors.
In US-based spot Bitcoin and Ether ETFs, the 30-day simple moving average of net flows has remained negative since the first days of November. This trend suggests that the ongoing liquidity contraction is not limited to retail participants. Instead, it highlights weakening risk appetite among institutional funds that had driven much of the market’s price action earlier this year.
Why ETF Flows Matter
Glassnode notes that ETFs serve as a delayed but reliable proxy for institutional sentiment in the crypto market. The downward trend that began in spot markets in mid-October has since been reflected in ETF flow data with similar timing.
According to the analytics platform, the persistence of negative flows indicates reduced institutional participation and a transition into a lower-volume market phase. This dynamic not only increases downside pressure on prices but may also slow the pace of any potential recovery.
Why it matters:
When institutional capital exits via ETFs, overall market depth declines, making short-term price swings sharper and more volatile.
Selling Pressure Returns to Bitcoin ETFs
Data from Coinglass shows that Bitcoin spot ETFs have recorded net outflows for four consecutive trading days. This confirms that selling pressure on the ETF side has regained momentum. The Kobeissi Letter reported that crypto funds saw $952 million in outflows last week, with investors pulling capital in six of the past ten weeks.
However, the picture is not entirely uniform. BlackRock’s iShares Bitcoin Trust (IBIT) has registered modest inflows in recent weeks despite the broader negative trend. This suggests that large investors may be shifting toward selective positioning rather than fully exiting the market.
IBIT Outperforms Rivals Despite Weak Returns
Bloomberg ETF analyst Eric Balchunas highlighted that IBIT holds a notable position on Bloomberg’s 2025 Flow Leaderboard. Despite posting a negative return for the year, the fund ranks sixth overall, signaling that institutional interest has not vanished but is being recalibrated.
More strikingly, IBIT has attracted more inflows than the SPDR Gold Shares (GLD) fund, even though gold has gained 64% this year. From a flow perspective, BlackRock’s Bitcoin ETF has outpaced one of the strongest-performing traditional safe-haven assets.
Balchunas summed it up by noting that if a fund can attract $25 billion during a difficult year, the upside potential during favorable market conditions could be significantly higher.
Temporary Pause or Structural Shift?
While recent ETF outflows may suggest that institutions are stepping away from crypto, the data calls for a more nuanced interpretation. Major funds are reducing exposure, but continued inflows into market-leading products indicate a possible strategic pause rather than a full retreat.
With macroeconomic uncertainty and interest rate expectations weighing on risk assets, ETF flows are likely to remain volatile in the short term. Whether this phase represents a lasting structural slowdown or merely a transition toward a new pricing regime should become clearer in the weeks ahead.
As ETF data continues to be closely monitored, the timing and conditions under which institutional capital returns to the crypto market remain uncertain.
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