U.S. spot Bitcoin exchange-traded funds recorded outflows during seven of the eight major market bottoms since their January 2024 launch, while attracting inflows throughout all nine rallies of at least 15%. Investors withdrew $8.2 billion from May to June 2026 as Bitcoin fell 28.8%, following $6.9 billion of withdrawals during the October 2025 to February 2026 downturn. DWF Labs’ study, covering 694 trading days, found that ETF flows generally follow prices rather than anticipate them: their correlation with the previous five days’ performance was 0.54, compared with only 0.03 for the following five days. Despite persistent selling, greater liquidity and a broader investor base have made corrections less frequent and less rapid, although their median depth during the ETF era remained 21.3%.
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