Bitcoin · CryptoSlate
Bitcoin needs trillions to go parabolic again as ETF demand fades
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Now, ETF weakness suggests that access alone is not enough.
Key facts
- This has become pertinent considering BTC is in a prolonged bear market that has seen its value fall to around $63,000, representing a 50% decline from its peak of above $126,000 recorded last October
- In the 2011 cycle, about $2.7 billion in net capital inflows was linked to a roughly 55,000% price increase, Ju said
- Data from Santiment shows that Bitcoin ETFs have seen nearly $10 billion in outflows since early May, and the 12 products are currently on an 8-week outflow streak
- A January 2026 survey by Coinbase and EY-Parthenon of 351 institutional decision-makers found that nearly three-quarters planned to increase crypto allocations, while 74% expected crypto prices
Summary
01 CryptoQuant's Ki Young Ju says Bitcoin now needs far more capital to deliver smaller gains than in early cycles. 02 The shift matters because BTC's next rally may depend on large balance sheets, not a retail-led ETF trade. 03 ETF outflows and competing macro trades leave unclear whether advisers, corporations, banks and sovereigns will add enough demand. Bitcoin’s next major rally may depend less on whether investors still believe in the asset than on whether enough large balance sheets are willing to fund the trade. Fresh analysis from CryptoQuant Chief Executive Ki Young Ju shows that the world’s largest cryptocurrency has grown into a market too large to move with the same force that defined its early cycles.