In the past few trading days, the United States spot Bitcoin exchange-traded funds (ETFs) market has witnessed a positive reversal in investor flows. However, the on-chain analytics firm CryptoQuant says these funds are currently at a critical turning point, especially with BTCs price reacting to macroeconomic uncertainty.

In a series of tweets, CryptoQuant explained that institutions and individuals who invested in spot Bitcoin ETFs are reshuffling their funds and de-risking because of the macro environments unfavorable state. The firm elaborated on the markets state using four charts.

ETFs at Turning Point

The first chart shows a drawdown from Bitcoin ETFs’ all-time high (ATH). According to it, flows into these funds have reversed sharply since the beginning of the year. The BTC investment products saw a strong accumulation phase in the last few months of 2024 and the first few weeks of 2025; however, the chart shows a 12% drawdown (nearly $5 billion in withdrawals) from the ATH.

At this point, the outflows from spot Bitcoin ETFs are no longer minor, as seen on multiple occasions last year.

The second chart compares the net cumulative inflows into the spot ETFs by year. Steady growth in 2024 drove the inflows to $30 billion. While 2025 started strong, inflows have stalled and reversed, falling into negative territory.

In the third chart, it is evident that daily net flows into the ETFs are stabilizing after several weeks of outflows; however, there is neither strong demand nor supply. This shows that the flows are currently in a choppy state and could easily head in positive or negative directions.

Flows Are Stabilizing

From the last chart, it can be seen that spot Bitcoin ETF holders are still in profit despite the massive outflows witnessed in the previous weeks. This chart shows the realized price of ETF holders, which refers to their average cost basis.

Data from CoinMarketCap shows BTC changing hands at below $87,000 at press time. With the ETF Realized Price hovering around $72,546, investors are sitting on an average unrealized profit of 17%.

With Bitcoin ETF flows becoming more positive with time, investors may soon be sitting on more unrealized profits. The funds have already witnessed inflows exceeding $800 million in the last eight trading days.

Meanwhile, BTC is up 2.4% weekly after trading range-bound in the past few days.