Bitcoin ETP Flows Turn Negative For First Time Since 2023, K33 Reports
Institutional Bitcoin demand appears to be weakening. Global Bitcoin ETP holdings have dropped by 127,774 BTC, or about 8%, from their peak, marking a record drawdown for the category. Rolling one-year flows have reportedly turned negative for the first time since November 2023, signaling softer regulated demand from institutions and brokerage accounts. The bearish case is partly offset by a sharp slowdown in selling. Daily outflows have eased from roughly 4,400 BTC per day to about 625 BTC per day. That suggests pressure is still present, but the pace of de-risking may be fading. The key question is whether ETP holdings stabilize before spot momentum weakens further. If outflows continue to slow and eventually turn positive, it could support a recovery. If the drawdown deepens, it would point to a more durable pullback in institutional interest.
