Five consecutive weeks of net outflows for Bitcoin ETFs

US spot Bitcoin ETFs have seen a fifth consecutive week of net outflows. In total, nearly 3.8 billion dollars have left these investment vehicles since mid-January. Institutional investors are tightening ranks, but for how long?

Bitcoin ETFs record 3.8 billion in outflows over five weeks

The numbers speak for themselves. Since mid-January 2025, US spot Bitcoin ETFs have recorded net outflows every single week without exception. The past week ended with 315.9 million dollars of net outflows, adding to an already heavy series: 1.33 billion, 1.49 billion, 318 million, then 360 million dollars in the previous weeks.

The most critical point remains the week of January 30th, when Bitcoin was near its all-time highs. Paradoxically, it was precisely at this moment that institutional investors accelerated their purchases, to the tune of 1.49 billion dollars net. This behavior illustrates a well-known logic among portfolio managers: sell strength, not weakness.

Individual sessions confirm this volatility. On February 12th, more than 410 million dollars were withdrawn in a single day. Conversely, the following Friday, ETFs attracted 88 million dollars, insufficient to compensate for the rest of the week’s outflows.

Despite everything, the overall picture remains solid: since their launch, these products have accumulated around 54 billion dollars in net inflows, for a total asset close to 85.31 billion dollars, or 6.3% of Bitcoin’s total market capitalization.

Tactical disengagement or breakdown of institutional trust?

The real question is not the figure, but the intention behind it. Vincent Liu, Chief Investment Officer at Kronos Research, is clear: these outflows reflect more of a “risk reduction” rather than a lasting disaffection for Bitcoin. 

Faced with rising geopolitical tensions, the escalation of US tariffs, and persistent macroeconomic uncertainty, asset managers are mechanically rebalancing their portfolios.

“Flows will depend on macroeconomic events like initial jobless claims,” explains Liu. Weaker data could rekindle expectations of Fed rate cuts, and reignite appetite for risky assets, Bitcoin foremost. The crypto fear and greed index remains around 14, an extreme level of pessimism which historically often precedes a reversal.

Ether ETFs suffer the same fate: 123.4 million dollars of net outflows last week, despite some positive sessions. The disengagement movement affects all indirect crypto exposure products.

Two camps now face off in trading rooms. On one side, those who see these outflows as a simple tactical adjustment, normal in any mature market cycle. On the other, those who perceive the early signs of a structural weakness, an institutional appetite waning in the face of an asset class still too sensitive to external shocks.

The coming weeks will be decisive. If flows stabilize, the market will interpret this cycle as a healthy correction before a new bullish cycle. If outflows persist, they could weigh on asset managers’ confidence and redefine their relationship to Bitcoin exposure. One thing is certain: the era when Bitcoin ETFs only saw inflows is well and truly over.