On February 24, U.S. Bitcoin and Ethereum ETFs experienced significant outflows, indicating a shift in market sentiment.
Significant Bitcoin ETF Outflows
According to SoSoValue, 12 Bitcoin ETFs recorded outflows of $516.41 million on Monday, a surge of over 700% from the previous day. The largest outflows were seen in Fidelity’s FBTC, losing $246.96 million, followed by BlackRock’s IBIT with $158.59 million in redemptions. Notably, none of the funds recorded inflows that day, indicating strong selling pressure. Data for ARK 21Shares' ARKB weren’t available at the time. Other ETFs that experienced outflows included Grayscale’s GBTC ($59.5 million), Invesco Galaxy’s BTCO ($15.02 million), WisdomTree’s BTCW ($12.5 million), Bitwise’s BITB ($10.26 million), VanEck’s HODL ($7.33 million), and Grayscale’s mini Bitcoin Trust ($6.25 million).
Ethereum ETFs Also Under Pressure
It wasn’t just Bitcoin ETFs that struggled. Ethereum ETFs also faced heavy outflows, losing $78.09 million, a sharp jump from $8.92 million of outflows the day before. BlackRock’s ETHA led the exits with $48.21 million withdrawn, followed by Grayscale’s ETHE, which lost $15.45 million. Other funds also saw redemptions: Bitwise’s ETHW lost $9.71 million, and Grayscale’s mini Ethereum Trust saw $4.73 million in outflows. Data for 21Shares' CETH wasn’t updated at the time.
Bitcoin Struggles to Find Direction
The timing of these outflows wasn’t random. Bitcoin has been stuck in a tight range between $94,000 and $98,000. Over the weekend, it took a hit following news that more than $1.4 billion in Ethereum and related tokens had been stolen from the crypto exchange Bybit. On Monday, BTC dropped to $88,614, trading 18.5% below its all-time high of $108,786, reached on the day of Donald Trump’s inauguration.
Currently, the market seems to be in a wait-and-see mode as investors navigate volatility, ETF outflows, and broader uncertainties around regulatory and macroeconomic trends.
