TLDR
- US spot Bitcoin ETFs have experienced outflows for five consecutive weeks, with a total of $3.8 billion withdrawn.
- During a shortened trading week last week, Bitcoin ETFs saw an exit of $315.9 million.
- Ether ETFs likewise reported five straight weeks of outflows, shedding approximately $1.39 billion during that period.
- Contrary to the trend, SOL and XRP ETFs recorded modest inflows of $14.3 million and $1.8 million, respectively.
- According to analysts, the selling pressure is driven by institutional de-risking due to macroeconomic uncertainty, rather than a loss of long-term interest.
US spot Bitcoin ETFs have now marked five consecutive weeks of net outflows, representing the longest streak of its kind since early 2025. Approximately $3.8 billion has been withdrawn from these funds over this five-week span.
Outflows last week totaled around $316 million during a four-day trading week shortened by the Presidents’ Day holiday. The first three trading sessions of the week all ended in the red.
Approximately $105 million exited the funds on Tuesday. Wednesday and Thursday followed with additional outflows of $133 million and $166 million, respectively.
Friday brought some relief, with about $88 million flowing back in. BlackRock’s IBIT led the inflows with $64.5 million, followed by Fidelity’s FBTC at $23.6 million. However, this was insufficient to turn the week’s performance positive.
The most significant weeks of this streak occurred in late January, when the funds lost $1.33 billion and $1.49 billion in consecutive weeks. In comparison, the outflows over the past three weeks have been more moderate.
Despite the recent losses, Bitcoin ETFs still maintain approximately $54 billion in total cumulative net inflows since their launch in January 2024. The total net assets across all products are currently near $85.3 billion.
Bitcoin is currently trading near $68,600, a decline of over 20% year-to-date. This price places it below the “True Market Mean” of approximately $79,000, as defined by on-chain analytics firm Glassnode.
Stephen Coltman, head of macro at 21Shares, noted that market bulls are looking for $65,000 to hold as a support floor. He further stated that a sustained move above $70,000 would indicate that the recent selling pressure has exhausted itself.
Ether ETFs Face Similar Pressure
Spot Ether ETFs have mirrored this trend, also recording five consecutive weeks of outflows. Last week, these funds saw losses of approximately $123 million.
The total outflows for Ether ETFs over the five-week period stand at roughly $1.39 billion. While there were some positive days mixed in, heavier selling earlier in each week ensured the totals remained negative.
SOL and XRP ETFs Buck the Trend
Not all crypto ETFs are experiencing the same pressure. Spot Solana ETFs attracted approximately $14.3 million last week, extending a streak of consistent inflows. Bitwise’s BSOL leads the SOL ETF category in terms of assets under management.
XRP ETFs saw a modest addition of $1.8 million for the week. Since their launch in November, these products have consistently drawn demand.
Analysts at BRN characterized the current market environment as “fatigue, not panic.” They observed that crowded short positions and compressed volatility could lead to a sharp price movement in either direction.
Vincent Liu, CIO at Kronos Research, suggested that flows may continue to be unstable in the near term. He attributed this to geopolitical tensions and trade disputes that are keeping markets in a risk-off mode.