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Bitcoin (BTC) has recovered to the upper $60,000 range, but spot ETFs—considered a key barometer of institutional capital—are not yet showing clear signs of renewed buying.
According to cryptocurrency media outlet Bitcoinist on February 14 (local time), on-chain analytics firm Glassnode reported that the 30-day simple moving average (SMA) netflow of U.S. Bitcoin spot ETFs has remained in negative territory for most of the past 90 days. Ethereum (ETH) spot ETFs have shown a similar trend, continuing to record net outflows.
Spot ETFs allow investors to gain price exposure to cryptocurrencies without directly holding the assets. The U.S. Securities and Exchange Commission (SEC) approved Bitcoin spot ETFs in January 2024 and authorized Ethereum spot ETFs in July of the same year. When funds flow into these products, asset managers purchase and custody an equivalent amount of the underlying cryptocurrency.
However, the trend has shifted in recent months. According to charts released by Glassnode, the 30-day SMA netflow of Bitcoin spot ETFs has remained negative since late last year, briefly turning positive only during the price rebound in January. Ethereum spot ETFs showed a similar pattern. Notably, the largest net outflows occurred in the fourth quarter of 2025, and no meaningful recovery in inflows has been observed so far in February.
The outlet attributed this trend to the price correction that has persisted over the past several months. Bitcoin experienced a significant decline from its peak in October last year, and ETF funds exited alongside the downturn. Glassnode assessed that “it is difficult to conclude that new demand has fully returned,” noting that both Bitcoin and Ethereum spot ETF netflows continue to remain negative simultaneously.
Meanwhile, Bitcoin was trading at around $68,720 at the time of writing, up approximately 4% over the past 24 hours. If ETF fund flows continue to lag behind the price rebound, market doubts about the sustainability of the current recovery are likely to persist for the time being.
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