Bitcoin spot ETFs, which once powered this bull cycle, now show a clear disconnect from price movement. A new chart from analyst Markus Thielen reveals that cumulative inflows peaked at $61.8 billion in late 2025. Since then, they slid to about $54.3 billion. Meanwhile, BTC has lost nearly all its gains since mid-2024, dropping from highs above $125,000 to the $70,000 range.
Despite the sharp decline erasing most of the rally, ETF holders have barely reacted. Redemptions have been low compared to the extent of the drop. Thielen describes this “stubbornly long” behaviour as a sign that Wall Street players see these ETFs as traditional long-only investments instead of quick-trade vehicles that rapidly cut losses.
📊Today’s #Matrixport Daily Chart – February 10, 2026 ⬇️
The “Stubborn” Longs: Is Wall Street Deferring the Final Flush?#Matrixport #Bitcoin #BTC #BitcoinETF #SpotETF #ETFInflows #InstitutionalFlow #MarketStructure pic.twitter.com/KsLCJxsdBt
— Matrixport Official (@Matrixport_EN) February 10, 2026
Wall Street’s long-only stance defers the flush
The absence of significant outflows suggests that these institutional holders are over-allocated at current levels. While the broader crypto market has faced intense clearing liquidations, forced selling, and the exit of weak hands, the ETF segment remains a large, mostly unhedged block. Thielen notes that this could mean the typical fast-clearing liquidation process in crypto has simply been delayed in this area.
Potential for larger rebalancing ahead
If these long positions start to unwind, it could lead to a larger institutional rebalancing wave than we’ve seen so far. The chart indicates that inflows have stalled and turned negative in recent months, while BTC prices continue to drop. Until new conviction buying emerges or these holders sell off, the market remains vulnerable to later pressure. Thielen believes that this stubbornness may be delaying the final sell-off rather than stopping it.
However, Bitcoin could face further downside in the weeks or months ahead, with prices potentially sliding toward long-term support levels that have historically marked cycle bottoms, according to a note from Galaxy Digital’s head of research, Alex Thorn.
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