Coin Stories with Natalie Brunell

James Seyffart: What Every Bitcoin & Gold Investor Needs to Know Right Now

Apr 2, 2026
Guest
James Seyffart
James Seyffart, a Bloomberg Intelligence ETF analyst who tracks institutional flows in Bitcoin and gold. He walks through ETF flow dynamics, why holders stayed through crashes, who is buying Bitcoin ETFs, and how gold and tech rotations interact with market risk. He also discusses custody concentration, Morgan Stanley’s move, and where smart money is heading next.
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INSIGHT

Bitcoin ETF Flows Stabilized After Big Drawdown

  • Bitcoin ETFs absorbed ~$25–30B from launch to Oct 10, 2025, then saw ~$9B outflows after the April 2025 collapse.
  • James Seyffart notes ETF holders held through the drawdown and flows subsequently stabilized with some re-accumulation (~2–2.5B).
INSIGHT

ETF Investors Showed Diamond Hands Through Drawdown

  • ETF investors tend to be deliberate allocators who rebalance, so many held instead of panic-selling during 50%+ drawdowns.
  • Seyffart: typical allocations are small (1–5%), so rebalancing often leads to buying the dip rather than exiting.
ANECDOTE

Morgan Stanley Entered Crypto ETFs Late But With Big Reach

  • Morgan Stanley filed to launch spot ETFs for Bitcoin, Ethereum, and Solana and will likely leverage its large wealth platform to onboard clients.
  • Seyffart was surprised they entered late but highlights their BYOA captive audience of $6T+ in assets.
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