Bitcoin ETFs halt outflows and add $1.36b over two weeks

Bitcoin fell from its October 2025 ATH to ~$60,000 by early February. XWIN Research Japan links the drop to weaker spot ETF demand, now showing signs of stabilizing.

In a QuickTake post on CryptoQuant, XWIN analyzes exchange reserves and ETF flows to map supply and demand. Exchange reserves have trended down since 2024, pointing to more coins held off exchanges rather than sold, per charts shared by CryptoQuant’s Ki Young Ju.

Demand often matched or exceeded this shrinking supply. Price rose over 200% across the period. Spot ETFs were a major driver, with cumulative net inflows of $55.37B and net assets of $87.07B within two years of launch, XWIN notes.

• Post-ATH, spot ETF holdings fell. SoSoValue data show over $6.38B in net outflows from November to February.
• Outflows have since stabilized. The last two trading weeks saw combined net inflows of $1.36B.

XWIN says the market sits in a supply–demand rebalancing phase. A sustained rise in ETF holdings is needed to reassess direction source.

Price check: $67,372, up 4.34% in a month.