Bitcoin Spot ETFs Register 5-Week Negative Streak – Details

As Bitcoin price struggles persist, the Bitcoin Spot ETFs continue to witness consistent net negative performance, highlighting the heightened bearish sentiments among retail and institutional investors. As the latest trading session closed on February 20, the Bitcoin ETFs have now experienced five consecutive weeks ending on a red note, as combined net outflows within this period climbed to $3.81 billion.

Investors’ Exit From Bitcoin Spot ETFs Continue

According to data from SoSoValue, the Bitcoin ETFs registered $315.89 million in net outflows in the third week of February. Notably, trading commenced on Tuesday with a negative showing that lasted for three days, resulting in aggregate net withdrawals of $403.9 million. On Friday, the institutional funds saw a positive change, as total net inflows reached $88.04 million, albeit still far from breaking the multi-week red streak.

More data from SoSoValue showed that BlackRock’s IBIT processes $303.4 million in net outflows, accounting for most of the bearish action as has been frequently observed. Meanwhile, Fidelity’s FBTC investors withdrew $19.60 million more than deposits. Other ETFs with significant negative readings included Grayscale’s GBTC, Bitwise’s BITB, and 21Shares/Ark Invest’s ARKB, with net outflows ranging from $8 million to $10 million. Valkyrie’s BRRR experienced the least net redemption activity, valued at $1.7 million.

On the other hand, Grayscale’s BTC registered $35.97 million in net inflows to maintain a positive showing for the third consecutive week. Other Bitcoin Spot ETFs, including VanEck’s HODL, Invesco’s BTCO, Franklin Templeton’s EZBC, WisdomTree’s BTCW, and Hashdex’s DEFI, all recorded zero netflow, highlighting a concerning reluctance in market participation by institutional investors. 

At press time, Bitcoin is valued at $68,357 as the cumulative total net inflow for the Bitcoin Spot ETFs stands at $54.01 billion, while total net assets are valued at $85.31 billion. Notably, BlackRock’s IBIT maintains undisputed market dominance, accounting for 60% of the reported assets under management.

Ethereum ETFs Mirror BTC Counterparts

Based on data from SoSoValue, the Ethereum ETFs are experiencing a persistent struggle similar to that observed with Bitcoin Spot ETFs. Over the last week, total net outflows reached $123.37 million, ensuring the institutional funds are yet to record a combined positive net flow in over six weeks.  At the time of writing, total net assets for the Ethereum Spot ETFs are valued at $11.14 billion.  Meanwhile, Ethereum trades at $1,978 following a 0.45% gain in the past day.