Over the past five-day trading period, US-based spot Bitcoin ETFs (exchange-traded funds) have experienced their second week of significant outflows. This ongoing trend highlights a notable shift in investor sentiment across the United States.
Throughout the previous year, strong inflows into the US Bitcoin ETF market have typically coincided with positive movements in Bitcoin’s price. As a result, Bitcoin has been consolidating in recent weeks, struggling to gain meaningful momentum.
Bitcoin ETFs Experience Fourth Consecutive Day of Outflows
Recent market data reveals that US Bitcoin ETFs experienced a net outflow of $62.77 million on Friday, February 21. This marks the fourth consecutive day—and the eighth day in the last nine trading days—that these crypto-based products have recorded net capital outflows.
On Friday, the Grayscale Bitcoin Trust (ticker: GBTC) was responsible for a significant portion of the total outflow, with over $60 million withdrawn by the end of the week. The Bitwise Bitcoin ETF (BITB) followed as the second-largest outflow with a loss of $16.58 million in total assets.
The Fidelity Bitcoin Fund (FBTC) also recorded outflows of $12.47 million on Friday, making it the only other ETF in this category to experience net withdrawals. In contrast, BlackRock’s IBIT (the largest Bitcoin ETF by net assets) and VanEck’s CBOE saw positive inflows, with $21.64 million and $4.71 million, respectively.
This $62.77 million in single-day net withdrawals contributed to a cumulative weekly total of over $559 million in negative outflows for US-based Bitcoin ETFs. This detrimental weekly performance was mainly influenced by substantial withdrawals on Thursday, February 20.
Source: SoSoValue
Data from SoSoValue indicates that nearly $365 million left the Bitcoin ETF sector on Thursday, largely attributed to withdrawals from BlackRock’s IBIT ($112 million) and Fidelity’s FBTC ($88 million).
This past week represents the second consecutive week of considerable outflows from US-based spot Bitcoin ETFs, which similarly recorded a net weekly outflow of over $585 million between February 10th and 14th.
Additionally, the Ethereum ETF market noted a net daily outflow of $8.92 million on Friday. However, the US ETH exchange-traded funds achieved a cumulative net inflow of $1.61 million over the past week.
Bitcoin Price Overview
The leading cryptocurrency remains in a sideways movement, trading within the $94,000 – $99,000 range. As of the current update, Bitcoin is priced at approximately $96,610, reflecting a slight decline of 0.6% over the last 24 hours.
The price of BTC on the daily chart | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
