Within the past two weeks, the United States spot Bitcoin exchange-traded fund (ETF) market has witnessed massive outflows. Investors have consistently withdrawn their funds amid minimal or negative price movements for bitcoin (BTC).
According to data from Farside Investors, the spot Bitcoin ETFs have recorded more than $3.6 billion in outflows since February 10. These funds have witnessed just one day of inflows out of the 12 trading days since February 10.
ETFs See $3.6B Outflows
On February 25, the spot Bitcoin ETF market witnessed its largest-ever single-day outflow. CryptoPotato reported that funds withdrawn from the products totaled $938 million; however, recent findings reveal that the outflows were much more than that.
An update on Farside Investors’ site disclosed that the outflows were more than $1.138 billion. As earlier reported, FBTC accounted for the largest outflows at $344.7 million, and IBIT saw the second-largest at $164.4 million.
It is worth mentioning that BlackRock’s IBIT has broken the record for its largest daily outflow of $332.6 million set on January 2. The ETF saw over $418 million in withdrawals on February 26, marking a new daily outflow high.
Before Farside Investors updated its data, the site indicated that Ark Invest’s ARKB had recorded no inflows or outflows for February 25. However, the latest data has shown that the fund actually saw withdrawals worth over $126 million.
Likewise, previous data indicated that CoinShares Valkyrie’s BRRR recorded $25.2 million in outflows; however, recent updates show withdrawals totaling $100 million. The same was the case with Grayscale’s Bitcoin Mini Trust ETF (BTC), which accounted for $85.8 million in outflows.
The outflow figures for other spot Bitcoin ETFs remained the same after the update, with VanEck’s HODL still accounting for the lowest withdrawals at $10 million.
BTC Falls Below $83K
Withdrawals from the spot Bitcoin ETFs have been increasing over time, with some of the largest figures recorded this week. Monday witnessed outflows totaling $539 million, while Tuesday and Wednesday ended with withdrawals above $1.138 billion and $754 million, respectively.
These outflows have contributed to BTC falling below $83,000 for the first time in more than three months. The asset has been struggling this week and was changing hands at $85,570 at the time of writing after recovering slightly from its intraday decline of 7%.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
