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The era of Bitcoin ETFs (exchange-traded funds) is increasingly being defined by long-term capital that appears content to sit tight, rather than by fast money or speculative churn.
As net assets across US spot Bitcoin ETFs approach $120 billion, analysts say the composition of holders — and their behavior — is quietly reshaping Bitcoin’s supply-demand dynamics in ways that may not show up in price action until much later.
Total Net Assets for Bitcoin ETFs Top $120 Billion
Data from the crypto research platform SoSoValue shows that the total net assets for spot Bitcoin ETFs were $123 billion as of January 14, after inflows reached $753 million. The last time ETF inflows were this high was on October 7, 2025, marking a three-month high.
It also marks a significant climb after the $117 million inflows recorded on Monday, suggesting an increasing appetite among institutional investors.
Bloomberg ETF analyst Eric Balchunas argues that recent ETF flows point to a structural shift in investor mindset, particularly among older allocators.
“This tracks with the stickiness of the assets,” Balchunas wrote on X. “The boomers are not tourists. Which is smart IMO. If you’re going to buy BTC, data shows you should commit to at least a four-year holding period, like a self-imposed lock-up period.”
That framing matters because it challenges the assumption that Bitcoin ETF inflows are inherently short-term or momentum-driven.
Instead, a growing share of demand appears to be coming from investors treating Bitcoin as a strategic allocation, closer to gold and silver than a high-beta tech trade.
Meanwhile, fresh survey data from Bitwise and VettaFi reinforce that view. According to Bitwise CIO Matt Hougan, 99% of financial advisors who allocated to crypto in 2025 plan to maintain or increase their exposure in 2026.
99% of financial advisor who allocated to crypto in 2025 plan to increase or maintain their exposure in 2026. @EricBalchunas @JSeyff
— Matt Hougan (@Matt_Hougan) January 13, 2026
(Data from the just-published 8th annual Bitwise/VettaFi Benchmark Survey of Financial Advisor Attitudes Towards Crypto Assets.) pic.twitter.com/ICANsniQ2Z
The data from the recently published 8th annual Bitwise/VettaFi Benchmark Survey of Financial Advisor Attitudes Towards Crypto Assets suggests that advisor conviction is strengthening, even after Bitcoin’s sharp run-up.
Why Bitcoin Hasn’t Gone Parabolic Yet — and What Could Change
The persistence of that demand is already visible in on-chain supply math. Since the US spot Bitcoin ETFs launched in January 2024, the funds have collectively purchased more than 100% of newly mined Bitcoin.
In other words, ETF demand alone has exceeded net new supply. Yet prices have not gone parabolic. According to Hougan, this disconnect is often misunderstood. Hougan drew a direct parallel to gold’s multi-year rally that culminated in 2025.
“Bitcoin’s price will go parabolic if ETF demand persists long-term,” he wrote, pointing to how central bank gold purchases doubled after 2022 but took several years to impact prices fully.
Gold rose just 2% in 2022, followed by 13% in 2023 and 27% in 2024, before surging 65% in 2025. The reason, Hougan argues, is that willing sellers absorbed early demand.
“For the first few years, central bank demand was met by people willing to sell their gold holdings,” he noted. “But eventually, the sellers ran out of ammo. And as demand persisted, prices soared.”
The Bitwise executive believes that Bitcoin ETFs are following a similar path. While ETFs have been buying more than the new supply since launch, long-term holders and early adopters have so far been willing to distribute coins into that demand.
That has kept price appreciation relatively orderly despite unprecedented institutional inflows.
The risk — or opportunity, depending on perspective — lies in what happens if that selling pressure fades.
With ETF buyers increasingly behaving like locked-up holders rather than traders, analysts say Bitcoin may be setting up for an asymmetric move, where years of steady accumulation give way to a sudden supply vacuum.
If history rhymes, the real impact of Bitcoin’s ETF boom may not be visible yet, but when it arrives, it could come all at once.
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