Bitcoin spot ETF experiences 5 consecutive weeks of net outflows! The longest outflow streak in nearly a year

As the overall cryptocurrency market pulls back and institutional risk appetite cools, the Bitcoin spot ETFs listed in the United States have experienced net outflows for the fifth consecutive week, marking the longest withdrawal trend since the tariff storm at the beginning of 2025.

According to SoSoValue statistics, as of the week ending February 20, a total of approximately $316 million has flowed out of 12 Bitcoin spot ETFs in the U.S. Due to the U.S. Presidents’ Day holiday on Monday, there were only four trading days that week, but selling pressure remained heavy.

Looking back at last week’s market situation, the first three trading days saw continuous declines: Tuesday saw a loss of about $105 million, Wednesday’s outflow expanded to $133 million, and Thursday’s outflow reached $166 million. It wasn’t until Friday that the market saw a slight respite, with about $88 million of funds being opportunistically absorbed, led by asset management giants BlackRock’s IBIT (which attracted $64.5 million) and Fidelity’s FBTC (which attracted $23.6 million). However, this was not enough to reverse the overall net outflow for the week.

This wave of capital withdrawal began during the week of January 20 and has now resulted in approximately $3.8 billion in evaporated funds from Bitcoin ETFs.

The last time the market experienced such a prolonged and severe consecutive loss was back in March 2023. At that time, U.S. President Trump unexpectedly imposed tariffs, triggering a global risk asset crash, which led to a net outflow of about $5.4 billion from Bitcoin ETFs over five weeks.

Although this current withdrawal trend is similar in duration to last year’s, its impact has been somewhat milder. The selling pressure in late January was concentrated over two weeks, with outflows of $1.33 billion and $1.49 billion respectively. In the past three weeks, the outflows have been more contained, ranging between $316 million and $360 million.

Despite short-term headwinds, from a long-term perspective, the capital moat of Bitcoin ETFs remains strong. Since their listing in January 2024, they have accumulated a net inflow of about $54 billion, with total assets under management (AUM) reaching approximately $85.3 billion.

Currently, Bitcoin is fluctuating around $65,800, down nearly 25% this year. On-chain analytics firm Glassnode pointed out that Bitcoin has fallen below the “True Market Mean” at $79,000, a key indicator used to measure the average cost basis of active investors and often regarded as a critical threshold for market expansion or contraction.

Regarding future trends, Stephen Coltman, Head of Macroeconomic Research at 21Shares, stated: “Bullish investors hope that $65,000 can serve as a bottom; conversely, if the price can strongly recover above $70,000, it would indicate that recent selling pressure has been exhausted.”

It is also noteworthy that last week, Ethereum spot ETFs experienced net outflows of $123 million, marking the fifth consecutive week of outflows, with total withdrawals reaching $1.39 billion.