These are harsh times for the American spot Bitcoin ETFs. In the 12 trading days since February 10, 2025, these funds have recorded a meager inflow of $66 million, while more than $3.6 billion in capital has flowed out. Investors seem to be fleeing en masse, and this with hardly any movement or even declines in the Bitcoin price.
The past two weeks have been a rollercoaster for the ETF market, and not in a good way. According to Farside Investors, spot Bitcoin ETFs have recorded an outflow of over $3.6 billion since February 10. Of the 12 trading days, there was only one day with green figures – the rest was red, red, and more red. The low point came on February 25, when the market saw the largest daily outflow ever. CryptoPotato initially spoke of $938 million, but an update from Farside Investors raised the bar even higher: $1.138 billion was withdrawn from the funds that day. Ouch.
Fidelity’s FBTC led the pack with an outflow of $344.7 million, but BlackRock’s IBIT was not far behind with $164.4 million. And it got worse: on February 26, IBIT broke its own record from January 2 ($332.6 million) with a monstrous outflow of $418 million. Ark Invest’s ARKB, which initially seemed to be at zero, turned out to have lost $126 million afterwards. CoinShares Valkyrie’s BRRR went from $25.2 million to $100 million outflow, and Grayscale’s Bitcoin Mini Trust (BTC) let go of $85.8 million. VanEck’s HODL remained the smallest loser with $10 million, but even that is no consolation in this battlefield.
The ETF exodus has not done Bitcoin any good. This week, the price fell below $83,000 for the first time in three months, with an intraday drop of 7%. At the time of writing, BTC is recovering slightly to $85,570, but confidence is fragile. On Monday, $539 million in ETF funds went out the door, followed by that record blow of $1.138 billion on Tuesday, and Wednesday ended with a $754 million outflow. These are not small amounts – it seems that investors no longer want to buy the dip.
The timing is no coincidence. Trump’s threats of import tariffs on Canada and Mexico, which take effect on March 4, are scaring investors. Risky assets like Bitcoin take hits when the market becomes uncertain, and that’s what we’re seeing now. At the same time, hardly any new funds have been flowing in since February 10 – just $66 million over 12 days. This is in stark contrast to the $3.6 billion that flowed out. Are institutional investors done with BTC, or are they just biding their time?
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