Bitcoin ETF investors have pulled billions this year, but the broader crypto ETF market remains more resilient than recent headlines suggest.

The pace of outflows from U.S. spot Bitcoin ETFs has “moderated,” with analysts assessing whether selling pressure is exhausting.

Sygnum CIO Fabian Dori says recent bitcoin ETF outflows are more likely tied to arbitrage unwinds and macro liquidity pressures than investors rotating into anticipated IPOs such…