Bitcoin : ETFs experience their largest outflows in three weeks

US spot Bitcoin ETFs recorded a net outflow of $171.3 million on Thursday, March 26. This was their largest redemption session since March 6, when outflows had reached $348.9 million. The market remains sensitive to the slightest geopolitical shock, even after several weeks of capital returning to bitcoin.

A red session that breaks the pace

After a more constructive sequence in March, Bitcoin ETFs plunged sharply. Withdrawals on March 26 show that some institutional investors preferred to reduce their risk exposure rather than bet on a tense weekend in the Middle East.

In detail, BlackRock suffered outflows of $41.9 million on IBIT. Fidelity lost $32.8 million on FBTC. Bitwise gave up $33.1 million, ARK 21Shares $30.5 million, Grayscale $25.1 million. In other words, the pressure did not hit a single product. It affected almost the entire segment.

This retreat contrasts with the rest of the month. Until now, US spot Bitcoin ETFs had still attracted more than $1.3 billion in March and were heading toward their first positive month since October 2025. Therefore, one bad session is not enough to erase the overall picture, but it reminds us that confidence remains nervous, not settled.

Geopolitical risk reasserts itself

The ETF decline does not happen in a vacuum. It coincides with a resurgence of concern around the conflict involving Iran. Donald Trump did announce on March 26 a ten-day pause on attacks targeting Iranian energy infrastructures, until April 6. But this announcement did not fully calm the markets.

The problem is doubt. Investors pay less attention to statements than to the possibility of a rapid escalation. Reuters reported in recent days the deployment of additional US forces in the region, while the Associated Press mentioned on Friday an intensification of Israeli strikes on Tehran. In this climate, risky assets become vulnerable again to large sell-offs.

Bitcoin has not escaped this movement. On Friday, March 27, the crypto was trading around $67,700 to $67,800. This is not a collapse. But it is enough to trigger a defensive reflex among the most cautious allocators.

What these outflows really say about Bitcoin

It would be excessive, however, to see this as a complete reversal of institutional demand. Aggregated data from Farside show that US-listed spot Bitcoin ETFs still accumulate about $56.1 billion in net inflows since their launch. The market has therefore endured a stress session, not a general capitulation.

This is precisely what several observers have pointed out in recent days. Eric Balchunas, at Bloomberg Intelligence, believes that Bitcoin ETFs showed true resilience despite the price correction and were recently close to erasing their net outflows for the year. This interpretation matters because it suggests that large investors are not abandoning bitcoin. They breathe, then come back.

The lesson of the moment is therefore more nuanced than a simple “ETFs exit, therefore bitcoin drops.” In reality, bitcoin remains supported by underlying demand, but it remains connected to the macro and geopolitical climate. Some players, such as MARA, are struggling to withstand the shock and end up liquidating their BTC.