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Bitcoin is trading below the price of buying bitcoin ETFs in the US after the trade posted their second and third weekly losses on record last month, according to research by Alex Thorne, head of research at Galaxy.
Key points:
- Bitcoin has fallen below the price of buying Bitcoin ETFs in the US, leaving many investors in these funds in a losing position.
- The largest withdrawal of nearly $2.8 billion over the two weeks represents a significant change from the strong trend seen last year.
- Despite the weakness in prices, institutional holders are showing limited outflows, even as the risk of a bear market is increasing.
According to the data BiTBO delay US spot bitcoin ETFs now have $113 billion in assets and collectively hold about 1.28 million bitcoins.
This creates an average The purchase price of Bitcoin That amount is about $87,830 per share, above the current market rate.
Bitcoin has fallen to a nine-month low, leaving investors… A lost place
Bitcoin fell nearly 11% over the weekend, from around $84,000 to a nine-month low of around $74,600 in Monday morning trading.
“This means that almost all Bitcoin ETFs are in the dead zone,” Thorne said in a post sharing the data.
Outflows have increased in recent weeks. The 11 US bitcoin ETFs recorded about $2.8 billion in net redemptions in the past two weeks, including $1.49 billion last week and $1.32 billion the week before, according to Coinglass.
The continued outflow represents a significant turnaround from the strong output seen at the end of last year.
Even so, Thorne said institutional investors appear to be doing better than prices would suggest.
The total assets under management of bitcoin ETFs are down about 31.5% from an October peak of about $165 billion, while the value of bitcoin has fallen about 40% over the same period.
However, the fund’s total inflows are only about 12% below their interest rates, indicating a decline in long-term holders.
Bitcoin trades lower than US ETFs after second and third biggest week (last week vs. previous week)
(Last week’s withdrawal will increase after IBIT announces Friday’s numbers tomorrow)
This means that almost buying Bitcoin ETFs is underwater pic.twitter.com/XowzrnBaSM
Alex Thorn (@intangiblecoins) February 2, 2026
However, concerns have been growing that weak demand could exacerbate the deficit. Nick Rock, director of research at LVRG Research, warned that Bitcoin could enter a long-term bear market if interest rates fail to recover.
He cited economic uncertainty, tensions between countries, and reduced risk for investors as a major source of turbulence, adding that technical indicators are beginning to show continued selling.
The stability of the currency flows in the coming weeks could be important in determining whether Bitcoin will recover or face further declines.
Morgan Stanley’s Bitcoin ETF looks like a smart bet rather than an attractive investment
The space bitcoin ETF planned by Morgan Stanley may be less about attracting more money and more focused on finding the best position in the digital space, according to Jeff Park, chief financial officer at ProCap.
Park said the move provides a clear value proposition and organizations that continue to go beyond the fund’s recent work, helping the bank strengthen its position in digital assets even though the fund is not a market leader.
The comments came after a Morgan Stanley filing Work at the US Securities and Exchange Commission Launching a Bitcoin spot ETF along with Solana related products.
Park said that the proposal shows a broad push for cryptocurrencies built by the bank’s brokerage arm, ETRADE, and an effort to increase opportunities for crypto trading and tokenization partners.
He said that simply offering a Bitcoin ETF puts the company in a leadership role and can help attract both customers and talent.
A note The average investor in Bitcoin ETFs loses after large withdrawals appeared for the first time Cryptonews Arabic.
