Recent reports indicate substantial withdrawals from Bitcoin and Ethereum spot-based Exchange Traded Funds (ETFs), reaching nearly $437 million since late October. These outflows paint a picture of shifting institutional sentiment as some prominent players like BlackRock are pulling back investments, with estimates suggesting total ETF outflows could reach between $1.8 billion and $4 billion by mid-November. 2025. While the market reacts to this change in investment strategy, long-term Bitcoin holders remain actively involved, contributing to observed exits. 2025. Key figures like Michael Saylor of MicroStrategy continue their bullish stance on Bitcoin acquisition.