Zero flows to Bitcoin ETFs: The market is sulking despite a favorable context

The end of the American budget blockade could have swept away many clouds on the crypto planet. The return to institutional stability, combined with a recovery in traditional markets, was to be a springboard. And yet, a wind of skepticism is blowing. Bitcoin, far from benefiting from the lull, is stagnating, while spot ETFs are struggling to convince. Expectations were high, the reality looks more mixed.

Bitcoin slips, ETFs disappoint: recovery will wait

Bitcoin ETFs have long served as powerful catalysts for the crypto market. But this week, the engine seems to have seized up. While we hoped for a rebound with the end of the American shutdown, the numbers are cold : Just $1.2 million in net inflows into Bitcoin ETFs last Monday, according to Farside Investors.

The indifference is all the more striking given that the stock markets and gold experienced a surge. Only BlackRock seems to be doing well with $28.1 billion collected since the start of the year. All other issuers combined show $1.27 million in cumulative outflows. No general panic, however: Bitfinex is talking about a mid-cycle consolidation phase, comparable to the declines of June 2024 and February 2025.

The market seems to be in a suspended wait, where caution dominates, despite favorable macro signals. Bitcoin's recent rise to over $103,000 is not enough to break this inertia. One more paradox in a world accustomed to sudden reversals.

Solana takes off, regulators are active: towards a new crypto dynamic?

While bitcoin remains in the background, other players are advancing their pawns. Solana, in particular, is in excellent health: $6.8 million in inflows last Monday, and 10 consecutive days of positive flows for its ETFs. Ethereum, for its part, remains stable, without any real momentum.

But beyond the figures, it is the regulatory environment that is evolving. A bipartisan bill aimed at clarifying the regulation of digital assets under the aegis of the CFTC is in preparation. A step that could change the situation.

Gracy Chen, CEO of Bitget, sees this as a strong signal:

Together, these developments demonstrate a maturing regulatory framework that encourages innovation without inhibiting growth, while promoting greater predictability and confidence in digital asset markets. By removing key policy uncertainties, the United States is laying the groundwork for mainstream adoption and solidifying crypto's status as a legitimate asset class.

5 key benchmarks in today’s crypto market

• $103,376: price of bitcoin at the time of writing this article;
• 72% of BTC in circulation were still in profit when falling below $100,000;
• $28.1 billion: cumulative amounts injected by BlackRock in 2025;
• $6.8M inflows for Solana ETFs on Monday;
• $0 inflows for several Bitcoin ETFs despite macro rebound.

October undermined the hopes of those who were banking on a conquering BTC. And this beginning of November prolongs this languor. However, the foundations may be silently being laid for a comeback. Investors are now hoping for an end-of-year rally that would close 2025 on a brighter note.