2025-2-28 18:27 |
The crypto market witnessed a sharp sell-off overnight Thursday and early Friday, with Bitcoin (BTC) price dropping below $80,000.
Altcoins also dumped, including THORChain.
Amid this, the US spot Bitcoin exchange-traded funds market recorded its eighth straight day of negative flows.
Per data from SoSoValue, the US spot Bitcoin ETFs market saw net outflows of over $275 million.
This extended the dreadful performance of the US Bitcoin ETFs to eight consecutive days, going back to February 18.
Another $275 million exit spot BTC ETFsOn Thursday, a record for the respective spot Bitcoin ETFs indicate the largest outflows were from BlackRock’s iShares Bitcoin Trust (IBIT).
The ETF, which accounts for the largest net inflows and assets, saw over $189 million exit.
Industry experts have pointed to recent BlackRock selling of BTC and Ether as one of the downward pressure catalysts in the market.
Elsewhere across the US spot BTC ETFs market, WisdomTree’s BTCW and Valkyrie’s BRRR accounted for the second and third largest outflows on the day.
BTCW saw investors pull more than $53.7 million from their positions, while BRRR recorded more than $12.8 million.
Ark & 21Shares, Invesco and Hashdex saw zero flows, while Bitwise’s BITB is the only spot BTC ETF in the US to record net inflows with over $17.6 million.
Over $3.2 billion in outflows in 8 daysAs the month comes to an end, the $275.8 million exited funds by BlackRock, Fidelity and Grayscale among others.
In total, they add to more than $3.2 billion over the past eight days.
The net outflows on February 27 were notably lower than what the market witnessed earlier in the week.
However, with some of the leading issuers selling, the outlook is uninspiring for the moment.
The more than $1.1 billion in net outflows on February 25 and more than $754 million on February 26 highlight the peak of the outflows this past week.
Eric Balchunas, a senior ETF analyst at Bloomberg, pointed that Bitcoin ETFs were “feeling the pinch.”
However, these outflows are less than 2% of assets and that most buyers are HODLing.
“Like I said, it’s gonna be two steps forward one step back,” the ETF analyst noted earlier in the week.
Eric Balchunas@EricBalchunas·FollowReplying to @EricBalchunasBitcoin ETFs feeling the pinch, nearly $1b out yesterday and $1.8b on week. On bright side tho, that is less than 2% of assets, nickel dime considering the nastiness of the drawdown, over 98% of the money HODLing. Like I said, it’s gonna be two steps fwd one step back. Get used…
3:21 pm · 26 Feb 2025219ReplyCopy linkRead 13 repliesDespite the outflows, a strong performance in 2024 means the funds’ net inflows are an impressive $36.85 billion.
Meanwhile, total net assets currently stand at over $94.3 billion, accounting for about 5.69% of Bitcoin’s market cap.
Bitcoin price under pressureAs spot Bitcoin ETFs witnessed huge outflows, the impact has been notable on BTC price.
It has combined with tariffs concerns and recent industry events such as the $1.4 billion Bybit hack to dampen sentiment.
BTC price in this environment dipped to below $80k.
Data shows the top digital asset’s value is down more than 18% in the past week.
Earlier, an analyst predicted a potential pullback to $75k.
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