Bitcoin ETFs Still Hold 93% Of Their BTC: Are Institutions Not Bearish After All?
Posted On June 11, 2026
Bitcoin (CRYPTO: BTC) ETF net assets have fallen back to election night levels, but analyst Scott Melker argues the dollar decline is price action not capitulation, with ETFs still holding 93% of their peak Bitcoin.
The Dollar Decline Is Misleading: Coins Tell A Different Story
Total ETF net assets peaked at $169 billion in October 2025 and have since fallen 54% in dollar terms.
However, Bitcoin holdings only dropped from 1.37 million coins at the peak to 1.27 million today, a 7.2% decline. The $4.4 billion in net outflows over the record 13-session streak represents a real but small trim relative to total holdings.
“These ETFs still hold roughly 93% of the Bitcoin that they did at the very top,” Melker said on Yahoo Finance. “The decline in price that’s being reported is price. It …
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