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Date: 2025-02-27 07:10:58
For seven straight days, spot Bitcoin ETFs in the United States have been witnessing outflows, with BlackRock's IBIT experiencing its largest single-day withdrawals since inception on Feb. 26.
As per SoSoValue's data, the 12 spot Bitcoin ETFs reported a total of $754.53 million in net outflows on Wednesday, following the previous day's $1.14 billion in net redemptions.
BlackRock's IBIT topped the outflow list, with $418.06 million leaving the fund, marking its highest net outflow day since launch. Fidelity's FBTC came next, with $145.69 million in outflows, continuing its seven-day streak of redemptions.
No Bitcoin ETFs reported positive inflows on the day, while the following ETFs also noted outflows:
At press time, the daily trading volume for spot Bitcoin ETFs amounted to $5.79 billion. Despite the recent outflows, these ETFs have still managed to accumulate a net inflow of $37.12 billion since their launch.
In February so far, around $3.1 billion has been withdrawn from the 12 ETFs, with only four days showing net inflows.
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In a Feb. 26 post on X, ETF Store President Nate Geraci expressed his disbelief at traditional finance's negative stance on Bitcoin and crypto, stating he was "still amazed at how much TradFi hates Bitcoin and crypto."
He observed that some individuals in the sector rejoice at every market downturn but emphasized that despite significant price drops, Bitcoin "is not going away."
Meanwhile, Eric Balchunas, a senior ETF analyst at Bloomberg, noted that Bitcoin ETFs have been facing pressure, with over $1 billion in outflows in a single day and substantial withdrawals throughout the week. However, he pointed out a positive aspect, highlighting that these outflows account for "less than 2% of assets" and that despite the downturn, "over 98% of the money [is] HODLing."
Balchunas reaffirmed his long-term perspective on Bitcoin's market cycles, stating, "Like I said, it’s gonna be two steps [forward], one step back. Get used to it."
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