The price of Bitcoin has fallen to its lowest level in nine months, causing the average acquisition price of the asset for investors in US spot Bitcoin ETFs to exceed the current market price. In the past two weeks, nearly $3 billion has been withdrawn from these funds, leading to increased risks of a prolonged bear market.
This is reported by Business • Media
Bitcoin Price Decline and Capital Outflow Scale
On the night of February 1 to 2, 2026, the price of Bitcoin dropped to $74,600, marking its lowest level in nine months. This value is lower than the average entry price for investors in American spot Bitcoin ETFs, which stands at around $87,830 per coin. The total assets under management of such funds now amount to approximately $107 billion, with a total of about 1.28 million BTC held within them.
“BTC is trading below the average cost of American ETFs after the second and third largest weeks of outflows in history (last week and the week before)
(and last week’s outflow will increase after IBIT publishes data for Friday tomorrow)
this means that the average acquisition cost of Bitcoin ETFs is at a loss”
In just the last two weeks, investors have withdrawn about $2.8 billion from eleven spot Bitcoin ETFs: $1.49 billion from January 20 to 23, and another $1.32 billion from January 26 to 30. This has put significant pressure on the cryptocurrency market. Overall, compared to October 2025, when funds managed $165 billion, the volume of assets has decreased by 31.5%. During the same period, the price of BTC has fallen by nearly 40%.
Risk of Prolonged Bear Market
According to Alex Thorn, head of research at Galaxy, last month saw spot Bitcoin ETFs record the second and third largest weekly outflows in their history. Meanwhile, institutional investors largely continue to hold their positions, as the total inflow of funds into such ETFs has only decreased by 12% from peak levels, while the price of Bitcoin has fallen significantly more.
Analysts indicate that in the absence of new demand, Bitcoin risks entering a phase of prolonged bear market. According to their assessments, technical indicators show the formation of long-term selling pressure amid macroeconomic uncertainty.
It was previously reported that due to mass liquidations resulting from the market drop, losses for crypto traders have reached nearly $800 million.