Spot Bitcoin ETFs See Seventh Consecutive Day of Outflows

On February 26, spot Bitcoin ETFs in the United States experienced their seventh consecutive day of outflows, with BlackRock’s IBIT recording its highest single-day withdrawals since launch.

According to recent data, the 12 spot Bitcoin ETFs saw a total of $754.53 million in net outflows on Wednesday, following $1.14 billion in net redemptions the previous day. BlackRock’s IBIT led the outflows, with $418.06 million exiting the fund, marking its highest net outflow day post-launch.

Outflows Across Various ETFs

Other ETFs that saw significant outflows include:

  • Fidelity’s FBTC: $145.69 million
  • ARK and 21Shares’ ARKB: $60.46 million
  • Grayscale’s mini Bitcoin Trust: $55.97 million
  • Grayscale’s GBTC: $22.66 million
  • Invesco Galaxy’s BTCO: $16.83 million
  • Bitwise’s BITB: $13.65 million
  • WisdomTree’s BTCW: $11.52 million
  • Franklin Templeton’s EZBC: $9.69 million

Daily trading volume for spot Bitcoin ETFs stood at $5.79 billion. Despite the recent outflows, these ETFs have still accumulated a net inflow of $37.12 billion overall.

February Outflows and Market Sentiment

So far in February, around $3.1 billion has exited the 12 ETFs, with only four days of net inflows recorded. This has led to concerns about the market’s sentiment towards Bitcoin and cryptocurrencies.

“Still amazed at how much TradFi hates Bitcoin and crypto,” said ETF Store President Nate Geraci, emphasizing that despite significant price drops, Bitcoin “is not going away.”

Bloomberg senior ETF analyst Eric Balchunas pointed out that while Bitcoin ETFs have been under pressure, the recent outflows represent “less than 2% of assets.” He highlighted that despite the downturn, “over 98% of the money [is] HODLing.”

“Like I said, it’s gonna be two steps [forward], one step back. Get used to it,” said Balchunas, reiterating his long-term perspective on Bitcoin’s market cycles.

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