{
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    "date": "2026-02-06T09:27:14",
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    "slug": "bitcoin-etfs-barely-flinch-as-btc-slides-40-bloombergs-eric-balchunas-says",
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        "rendered": "Bitcoin ETFs barely flinch as BTC slides 40%, Bloomberg\u2019s Eric Balchunas says"
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        "rendered": "<div data-module-name=\"page\" data-module-version=\"1.0.0\" data-module-instance=\"default\" id=\"content\">\n<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<h2>Bitcoin is down more than 40% from its October highs, but investors in spot Bitcoin ETFs have pulled 6.6% of assets.<\/h2>\n<p><span class> Feb 5, 2026, 11:39 p.m. <\/span><\/p>\n<\/div>\n<div>\n<p><img alt=\"jwp-player-placeholder\" decoding=\"async\" data-nimg=\"fill\"   src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fstaging%2Fac6bf763b67c66aeb40bc1b8d64de9e4fea8527f-2000x1500.png&#038;w=3840&#038;q=75\"><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p><strong>Latest developments:<\/strong> ETF investors are proving more resilient than many expected during bitcoin\u2019s latest drawdown. In an interview on CoinDesk\u2019s Markets Outlook, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas highlighted several key data points demonstrating this stability:<\/p>\n<ul>\n<li>Bitcoin has fallen more than 40% from recent highs, a move that historically rattles retail-heavy crypto markets.<\/li>\n<li>Over the same period, only 6.6% of Bitcoin ETF assets have exited.<\/li>\n<li>\u201cFor now, the ETF boomers have really come through,\u201d he said.<\/li>\n<\/ul>\n<p><strong>Why ETF holders are holding:<\/strong> Balchunas argues ETF investors are structurally different from crypto-native traders.<\/p>\n<ul>\n<li>Many ETF buyers treat bitcoin as a 1%\u20132% \u201chot sauce\u201d allocation alongside stocks and bonds, rather than a core holding.<\/li>\n<li>Their broader portfolios have benefited from strong equity markets, cushioning the psychological blow of crypto losses.<\/li>\n<li>ETF investors \u201ctend to hold really strong,\u201d Balchunas said, having lived through multiple market cycles in traditional assets.<\/li>\n<\/ul>\n<p><strong>The contrast with crypto natives:<\/strong> The same price drop can feel radically different depending on exposure.<\/p>\n<ul>\n<li>Investors heavily concentrated in bitcoin face what Balchunas described as \u201cexistential crisis mode.\u201d<\/li>\n<li>Leveraged traders and long-time holders may be driving more of the selling pressure than ETF investors.<\/li>\n<li>\u201cVolatility is the cost of the returns,\u201d Balchunas said, noting bitcoin has endured seven or eight similar drawdowns historically.<\/li>\n<\/ul>\n<p><strong>Lessons from gold ETFs:<\/strong> Balchunas sees parallels between bitcoin and gold as ETF-wrapped assets.<\/p>\n<ul>\n<li>Gold ETFs suffered a roughly 40% drop over six months about a decade ago, during which about one-third of assets left.<\/li>\n<li>Despite that, gold ETFs later rebuilt assets and now hold roughly $160 billion.<\/li>\n<li>Bitcoin ETFs briefly rivaled gold ETFs in size before the recent selloff, highlighting how flows can reverse over time.<\/li>\n<\/ul>\n<p><strong>What comes next:<\/strong> Volatility is likely to persist, but ETFs may anchor bitcoin\u2019s place in traditional finance.<\/p>\n<ul>\n<li>Balchunas said bitcoin\u2019s 17-year history shows repeated recoveries to new highs after major downturns.<\/li>\n<li>ETF structures mean Bitcoin now sits alongside stocks, bonds and commodities in mainstream portfolios.<\/li>\n<li>\u201cA selloff doesn\u2019t mean the end,\u201d he said. \u201cIt just means it\u2019s a selloff.\u201d<\/li>\n<\/ul>\n<\/div>\n<div>\n<p><span class>AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to <\/span><a rel=\"noopener noreferrer\" href=\"http:\/\/www.coindesk.com\/ethics\">our standards<\/a>. <span class>For more information, see <\/span><a rel=\"noopener noreferrer\" href=\"http:\/\/www.coindesk.com\/coindesk-news\/2023\/04\/14\/how-coindesk-will-use-generative-ai-tools\">CoinDesk&#8217;s full AI Policy<\/a>.<\/p>\n<\/div>\n<\/div>",
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