The next big Bitcoin shock could be when Wall Street loses confidence and starts selling

Bitcoin has just fallen below $67,000 after a strong correction that has caused the price to retreat more than 40% from its peak in October 2025. In previous cycles, such a drop usually triggered a widespread panic wave, from the spot market to the sentiment of long-term investors. But this time, the reaction has been quite different.

The noteworthy aspect is not the price drop itself, but how the market around it operates. The spot Bitcoin ETF in the U.S. has proven to be much more resilient than many predicted. According to Eric Balchunas of Bloomberg, only about 6% of ETF assets have left during the downturn, indicating that the new group of Bitcoin holders tends to be much more patient than traditional investors in the past.

ETFs have changed the way Bitcoin is owned: no longer just on exchanges and in personal wallets, but now in an investment structure familiar to institutions. The inflow of capital remains substantial, with the net accumulated capital of spot Bitcoin ETFs in the U.S. reaching tens of billions of dollars. BlackRock IBIT and Fidelity FBTC continue to be the leading names, while GBTC is still bleeding assets.

However, this does not mean there are no sell-offs. Daily capital flows are still highly volatile, and the market is also affected by macroeconomic and geopolitical factors. But compared to the past, this drop has not led to a mass exodus. This is a sign that ETF holders are behaving differently: they may buy, they may sell, but they are no longer panicking as before.

If a larger shock occurs, the real question is whether this group of Wall Street-type investors will begin to lose confidence and sell off en masse. At the moment, they are holding up much better than many think, and this could become a decisive factor for Bitcoin’s next cycle.