The post Bitcoin ETFs Log 2nd Worst Day At $866M, But Bull Market Intact: Analyst appeared on BitcoinEthereumNews.com. Demand for Bitcoin and crypto-linked investment funds continued to decline Thursday, despite the long-awaited end of the 43-day US government shutdown. US spot Bitcoin (BTC) exchange-traded funds (ETFs) saw $866 million in net outflows on Thursday, marking their second-worst day on record after the $1.14 billion daily outflows on Feb. 25, 2025, according to Farside Investors. This marked the second consecutive day of outflows for the Bitcoin ETFs, as the end of the 43-day US government shutdown failed to reignite investor appetite. The $866 million outflows occurred a day after President Donald Trump signed a government funding bill on Wednesday. The bill provides funding until Jan. 30, 2026. Bitcoin ETF flows (in USD, million). Source: Farside Investors Related: Metaplanet’s Bitcoin gains fall 39% as October crash pressures corporate treasuries The lack of ETF demand is causing significant concerns among crypto investors, as these funds were the primary drivers of Bitcoin’s momentum in 2025, alongside Michael Saylor’s Strategy. However, Bitcoin’s bull market is still intact until the price falls below the key $94,000 level, or the average cost basis of investors who bought Bitcoin in the past six to 12 months, according to Ki Young Ju, founder and CEO of crypto intelligence platform CryptoQuant. “Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions,” wrote Ju in a Friday X post. Source: Ki Young Ju Other industry watchers argued that the four-year cycle theory is no longer relevant, given the introduction of Bitcoin ETFs and the new US administration. “Since the launch of the Bitcoin ETFs and new administration, we’ve entered a new market structure,” wrote Hunter Horsley, the CEO of asset management firm Bitwise, in a Thursday X post. “I think there’s a pretty good chance that… The post Bitcoin ETFs Log 2nd Worst Day At $866M, But Bull Market Intact: Analyst appeared on BitcoinEthereumNews.com. Demand for Bitcoin and crypto-linked investment funds continued to decline Thursday, despite the long-awaited end of the 43-day US government shutdown. US spot Bitcoin (BTC) exchange-traded funds (ETFs) saw $866 million in net outflows on Thursday, marking their second-worst day on record after the $1.14 billion daily outflows on Feb. 25, 2025, according to Farside Investors. This marked the second consecutive day of outflows for the Bitcoin ETFs, as the end of the 43-day US government shutdown failed to reignite investor appetite. The $866 million outflows occurred a day after President Donald Trump signed a government funding bill on Wednesday. The bill provides funding until Jan. 30, 2026. Bitcoin ETF flows (in USD, million). Source: Farside Investors Related: Metaplanet’s Bitcoin gains fall 39% as October crash pressures corporate treasuries The lack of ETF demand is causing significant concerns among crypto investors, as these funds were the primary drivers of Bitcoin’s momentum in 2025, alongside Michael Saylor’s Strategy. However, Bitcoin’s bull market is still intact until the price falls below the key $94,000 level, or the average cost basis of investors who bought Bitcoin in the past six to 12 months, according to Ki Young Ju, founder and CEO of crypto intelligence platform CryptoQuant. “Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions,” wrote Ju in a Friday X post. Source: Ki Young Ju Other industry watchers argued that the four-year cycle theory is no longer relevant, given the introduction of Bitcoin ETFs and the new US administration. “Since the launch of the Bitcoin ETFs and new administration, we’ve entered a new market structure,” wrote Hunter Horsley, the CEO of asset management firm Bitwise, in a Thursday X post. “I think there’s a pretty good chance that…