I just reviewed the ETF flow data and things are quite clear: over $9 billion have exited in recent months. Bitcoin ETFs lost $6.39 billion over four consecutive months, while Ether saw $2.76 billion go out in the same period. This is the longest negative streak since these funds started in January 2024.

What’s interesting is that this coincides with price declines. Bitcoin reached over $126,000 a few months ago and is now hovering around $71,470. Ether experienced an even sharper drop, falling more than 60% from its highs. Analysts say institutional appetite simply disappeared after the recent crash, supposedly caused by certain inefficiencies in price setting on offshore exchanges.

What’s notable is that during the months following the 2024 bullish wave, institutional investors poured billions into these ETFs. But in recent months, the landscape has completely changed. There have been occasional inflows recently, but nothing sustained. Traders are waiting to see if it stabilizes or if we remain in the red territory over the coming months.