The drop in Bitcoin’s price to the $67,000 level and the outflows from spot Bitcoin ETFs have increased concerns in the cryptocurrency market. Bloomberg Intelligence ETF analyst Eric Balchunas evaluated the recent decline and made noteworthy statements regarding Bitcoin’s long-term outlook.
Balchunas stated that there has been a net outflow of approximately $1.4 billion from Bitcoin ETFs since the beginning of the year, but this figure remains quite limited given current market conditions.
The analyst, recalling that Bitcoin rose to approximately $126,000 in October 2025, argued that despite a nearly 50% drop from its peak, ETF investors have largely maintained their positions.
Bloomberg Analyst: “Bitcoin is Establishing a Strong Base Around the $60,000 Level”
Balchunas stated that fund flows into Bitcoin ETFs tend to follow existing price trends rather than determining price movements. He noted that large institutional investments can sometimes drive the market, but overall, ETF inflows and outflows reflect investor sentiment.
The analyst considered the limited total net outflows from ETFs, despite Bitcoin going through a very difficult period, a positive development.
Balchunas noted that much larger capital outflows could be seen under current conditions, and pointed out that Bitcoin has formed a strong support base around the $60,000 mark.
However, he reminded that Bitcoin is an asset that does not generate cash flow and its price is largely dependent on investors’ expectations and confidence.
He Cited Gold ETFs as an Example: A Long-Term Message for Bitcoin
Balchunas used the past performance of gold ETFs as an example to assess Bitcoin’s current state.
According to the analyst, GLD, one of the pioneers of gold ETFs, grew rapidly after its launch, reaching a size of approximately $76 billion. However, after entering a long period of stagnation, it took the fund about eight years to regain its previous peak.
Balchunas noted, however, that gold ETFs have experienced strong growth again in subsequent years, suggesting that Bitcoin could similarly go through prolonged periods of consolidation.
The analyst argued that Bitcoin has now gained acceptance in the traditional financial world and has secured a permanent place for itself among the investment instruments of major asset management companies.
Balchunas also advised Bitcoin investors to adopt a five- to ten-year investment perspective instead of short-term price movements. According to the analyst, trying to time the market by constantly buying and selling can lead to more uncertain results compared to long-term investment strategies.
Critical Level for Bitcoin: $67,000
The program’s host, Scott Melker, assessed Bitcoin’s technical outlook, stating that a downward break of the 50-week moving average on the weekly chart was a negative signal.
The presenter stated that the 200-week moving average should be monitored and that the past consolidation zone, particularly around $67,000, is important for a potential recovery.
It was also noted that the rising low and rising high pattern recently formed by Bitcoin has been broken, and that if selling pressure in the market continues, previous lows could be retested.
