Main Insights
- U.S. spot Bitcoin ETFs hold $110.8 billion in BTC, equivalent to 5.88% of its overall market cap.
- This marks the first time since their launch in January 2024 that BTC ETFs have experienced two consecutive weeks of outflows.
- U.S. spot Ethereum ETFs possess $10.31 billion in net assets, representing 3.14% of ETH’s market cap.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) continue to decline, facing a second week of outflows that has allowed Ethereum (ETH) funds a rare opportunity to surpass their BTC equivalents by a narrow margin.
Although Ethereum ETFs have historically lagged behind BTC, they are now beginning to register positive inflows and have even shown instances of outperforming BTC funds.
Bitcoin ETFs
According to data from SoSoValue, Bitcoin ETFs concluded last week with their fourth consecutive day of net outflows, losing a total of $62.77 million on Feb. 21, 2025. This brings the total weekly net outflows to $559.41 million, marking two consecutive weeks of declines with an approximate total of $1.14 billion.
In contrast to the overall trend, BlackRock’s iShares Bitcoin Trust (IBIT) maintained a positive trajectory with $21.64 million in net inflows. This fund leads in both cumulative net inflows and total net assets, which are currently $40.88 billion and $55.85 billion, respectively.
The VanEck Bitcoin ETF (HODL) recorded minimal net inflows of $4.71 million.
Among the outflows, Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced $12.47 million in losses, bringing its cumulative net inflows to $12.33 billion, and net assets to $19.68 billion. Nevertheless, FBTC remains the second-best performing fund after IBIT.
The Bitwise Bitcoin ETF saw a minor loss of $16.58 million, followed by the Grayscale Bitcoin Trust (GBTC), which reported $60.08 million in outflows, raising its cumulative net outflows to $22.11 billion and reducing its net assets to $18.84 billion.
Ethereum ETFs
Ethereum funds narrowly avoided another week of net outflows despite concluding this week with $8.92 million in outflows as of Feb. 21, 2025. This situation has surprisingly enabled ETH funds to report a modest $1.61 million in weekly net inflows.
Only one fund, the Bitwise Ethereum ETF (ETHW), experienced significant activity, with $8.92 million in net outflows following an extended period of stability.
This adjustment leaves the fund with cumulative net inflows of $338.63 million and net assets totaling $270.53 million. While these numbers are modest compared to peers, ETHW ranks fourth in cumulative net inflows and fifth in net assets.
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