In the grand theater of finance, where fortunes are made and lost faster than a tumbleweed in a dust storm, the United States spot Bitcoin exchange-traded fund (ETF) market has become a veritable ghost town. Over the past fortnight, investors have been withdrawing their hard-earned dollars as if they were fleeing a rabid raccoon, all while Bitcoin (BTC) meanders about with the grace of a three-legged mule.
According to the wise folks at Farside Investors, these spot Bitcoin ETFs have seen a staggering $3.6 billion in outflows since the 10th of February. Out of twelve trading days, only one day saw a glimmer of inflow, like a lone cactus flower blooming in the desert.
ETFs See $3.6B Outflows
On the 25th of February, the spot Bitcoin ETF market experienced its largest single-day outflow, a day that will be remembered in the annals of financial history. CryptoPotato reported a withdrawal of $938 million, but hold onto your hats, folks—recent updates reveal the true figure was a jaw-dropping $1.138 billion! Talk about a financial exodus!
Among the culprits, FBTC led the charge with a hefty $344.7 million in outflows, while IBIT followed closely behind, clutching its $164.4 million like a child with a favorite toy. And let’s not forget BlackRock’s IBIT, which shattered its own record for daily outflows, with a staggering $418 million disappearing faster than a mirage in the desert heat.
Before the Farside Investors updated their data, Ark Invest’s ARKB was thought to be as quiet as a church mouse, with no inflows or outflows on February 25. But lo and behold, the latest revelations show that it too had a case of the jitters, with withdrawals exceeding $126 million. Who knew it had such a wild side?
CoinShares Valkyrie’s BRRR also joined the party, with outflows jumping from a mere $25.2 million to a whopping $100 million. And Grayscale’s Bitcoin Mini Trust ETF (BTC) wasn’t about to be left out, contributing $85.8 million to the great Bitcoin retreat.
As for the other spot Bitcoin ETFs, they remained as stable as a one-legged man in a butt-kicking contest, with VanEck’s HODL still holding the title for the lowest withdrawals at a modest $10 million.
BTC Falls Below $83K
As the withdrawals continued to pile up like laundry on a Sunday, BTC found itself tumbling below the $83,000 mark for the first time in over three months. It was a rough week for the asset, which was trading at $85,570 at the time of this writing, having just managed to claw back from an intraday decline of 7%. It seems even Bitcoin has its off days, much like a cowboy who’s lost his horse.
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2025-02-27 21:59