Bitcoin’s decline to $67,000 and outflows from spot Bitcoin ETFs have heightened concerns in the cryptocurrency market. Bloomberg Intelligence ETF analyst Eric Balchunas assessed the recent drop and offered notable comments on Bitcoin’s long-term outlook.
Balchunas said Bitcoin ETFs have seen net outflows of about $1.4 billion since the start of the year, but described that amount as quite limited given current market conditions.
Recalling that Bitcoin reached about $126,000 in October 2025, the analyst argued that ETF investors have largely held their positions despite a nearly 50% decline from the peak.
Bloomberg analyst: “Bitcoin is Establishing a Strong Base Around the $60,000 Level”
Balchunas said flows into Bitcoin ETFs tend to follow existing price trends rather than determine price movements. He noted that large institutional investments can sometimes move the market, but that ETF inflows and outflows overall reflect investor sentiment.
He viewed the limited net outflows from ETFs as a positive sign, despite Bitcoin’s very difficult period.
Balchunas said that much larger capital outflows could occur in current conditions and noted that Bitcoin has built a strong support base around $60,000.
However, he emphasized that Bitcoin does not generate cash flow and that its price depends largely on investors’ expectations and confidence.
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Balchunas pointed to the past performance of gold ETFs to assess Bitcoin’s current position.
According to the analyst, GLD, one of the first gold ETFs, grew rapidly after its launch, reaching about $76 billion. But after a long period of stagnation, the fund took about eight years to return to its previous peak.
Balchunas noted that gold ETFs later saw strong growth again, suggesting Bitcoin could also experience extended periods of consolidation.
The analyst argued that Bitcoin is now accepted in traditional finance and has secured a permanent place among the investment products of major asset management companies.
Balchunas also advised Bitcoin investors to take a five- to ten-year perspective rather than focus on short-term price moves. He said that repeatedly buying and selling to time the market can produce more uncertain results than long-term investment strategies.
Critical Level for Bitcoin: $67,000
Program host Scott Melker assessed Bitcoin’s technical outlook, saying that a break below the 50-week moving average on the weekly chart was a negative signal.
The presenter said the 200-week moving average should be watched and that the previous consolidation zone, particularly around $67,000, is important for a potential recovery.
It was also noted that Bitcoin’s recently formed pattern of rising lows and rising highs has broken, and that previous lows could be retested if selling pressure continues.
*This is not investment advice.
