The leading cryptocurrency, Bitcoin ($BTC), experienced a sharp decline after rising above $82,000 in the first weeks of May, and recently fell below $60,000.
This decline was also reflected in ETFs, with a net outflow of $1.72 billion from US spot Bitcoin ETFs last week. This was the largest weekly outflow recorded since February 2025. Total outflows for 2026 reached $2.6 billion.
Bernstein, evaluating the current state of Bitcoin and ETFs, stated that despite a $2.6 billion outflow of ETFs, $BTC’s role as a store of value remains strong.
According to The Block, Bernstein stated in a report that despite spot Bitcoin ETFs experiencing a net outflow of $2.6 billion this year, Bitcoin’s appeal as a long-term store of value remains strong.
Analysts note that Bitcoin’s adoption is expanding across ETFs, brokerage firms, banks, and treasury companies, but net inflows are slowing in 2026 compared to 2025 due to a weakening trend in new capital.
Bernstein analysts, led by Gautam Chhugani, noted in a note sent to clients that the current market is focused on the AI investment craze.
“In a market completely dominated by individual investor interest in the AI sector, outflows of only $2.6 billion since the beginning of the year are encouraging. Strategy’s Bitcoin treasury accumulation has been a major counterbalancing factor against the ETF liquidations that have occurred.”
However, Bitcoin’s tendency to become boring in this cycle and the exits should not be seen as a negative factor. These do not invalidate the thesis that $BTC is a long-term store of value.”
In this context, analysts argue that, in such a tense environment, the fact that net outflows from ETFs have only reached $2.6 billion since the beginning of the year is actually a positive sign.
*This is not investment advice.
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