US spot Bitcoin ETFs recorded the largest outflow on Feb. 25, with $937.9 million pulled out of the funds in a single day. This massive exit, the biggest since the ETFs launched in January 2024, reflects a growing unease in the crypto market.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the outflows, shedding $344 million, while BlackRock’s iShares Bitcoin Trust (IBIT) followed with $159 million. The outflows from these two funds, which have been major players in driving Bitcoin ETF demand, reflect a broader trend of institutional investors reevaluating their positions.
The second-largest outflow was seen on Dec. 19, 2024, with $671.9 million leaving the ETFs.
Five Largest Total Outflows
| Date | Total Outflow (Millions USD) | Notes |
|---|---|---|
| February 25, 2025 | -937.9 | Massive outflow day, with significant withdrawals across most ETFs, including FBTC (-344.7), IBIT (-164.4), and BTC (-85.8). |
| December 19, 2024 | -671.9 | Hefty outflow, led by FBTC (-208.5), ARKB (-108.4), and GBTC (-87.9), with BTC also showing a big drop (-188.6). |
| January 8, 2025 | -568.8 | Notable outflows from FBTC (-258.7), IBIT (-124.0), and ARKB (-148.3), signaling a broad pullback. |
| November 4, 2024 | -541.1 | Tough day with FBTC (-169.6), ARKB (-138.3), and BTC (-89.5) leading the charge downward. |
| February 24, 2025 | -539.0 | Close to the top, with FBTC (-247.0), IBIT (-158.6), and GBTC (-59.5) seeing big exits. |
Five Largest Total Inflows
| Date | Total Outflow (Millions USD) | Notes |
|---|---|---|
| February 25, 2025 | -937.9 | Massive outflows, led by FBTC (-344.7), IBIT (-164.4), and BTC (-85.8). |
| December 19, 2024 | -671.9 | Significant withdrawals, with FBTC (-208.5), ARKB (-108.4), and GBTC (-87.9) leading, plus BTC (-188.6). |
| January 8, 2025 | -568.8 | Broad pullback with FBTC (-258.7), IBIT (-124.0), and ARKB (-148.3). |
| November 4, 2024 | -541.1 | Tough day with FBTC (-169.6), ARKB (-138.3), and BTC (-89.5) seeing big exits. |
| February 24, 2025 | -539.0 | Close to the top, with FBTC (-247.0), IBIT (-158.6), and GBTC (-59.5) leading the outflows. |
Since spot Bitcoin ETFs represent the primary exposure to BTC for institutions, they’re particularly sensitive to Bitcoin’s price swings. Inflows, like those in November 2024, followed Bitcoin’s spike to new ATHs above $100,000.
The upward price momentum sparked by retail activity following the US election was supported and sustained by significant institutional demand. This is why the $937.9 million outflow seen on Feb. 25 put further pressure on Bitcoin’s rapidly depreciating price, pushing it as low as $82,000.
Outflows imply that ETFs sold the corresponding amount of Bitcoin to meet redemption demand. Even if most of the sell-off took place OTC, the pressure on the market from a $937.9 billion outflow would still be significant enough to suppress Bitcoin’s price in the short term.
The sell-off follows a trend of net outflows over the past 10 days, with cumulative outflows reaching over $1.14 billion in two weeks.
Despite the massive outflow, Bitcoin ETFs have still accumulated around $36.2 billion in net inflows since their launch in 2024. While the $937.9 million outflow and Bitcoin’s price of $88,500 paint a bearish picture, it’s important to assess the broader context critically.
ETF flows are a significant but not sole driver of Bitcoin’s price — global exchange trading, institutional adoption, and macroeconomic factors (e.g., US tariffs and Fed policy) also play significant roles.
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