Spot Bitcoin ETF experiences five consecutive weeks of net outflows, with a total withdrawal of $3.8 billion

As of February 22, the US spot Bitcoin ETF has experienced net outflows for five consecutive weeks, totaling approximately $3.8 billion. In the past week alone, there was a net redemption of $315.9 million, with the largest single-week outflow of $1.49 billion occurring during the week of January 30. Although there were some days of net inflows (such as last Friday’s approximately $88 million), these were not enough to offset the large redemptions on previous trading days. Since the product’s launch, the cumulative net inflow of the spot Bitcoin ETF remains close to $54.01 billion, with a total net asset value of about $85.31 billion, accounting for approximately 6.3% of Bitcoin’s total market capitalization. Market participants believe that this round of capital outflows mainly reflects institutional risk reduction and portfolio rebalancing rather than a structural abandonment of crypto assets. Due to rising geopolitical risks, trade tensions, and macroeconomic uncertainties, overall market risk appetite has declined. ETF capital flows are highly correlated with Federal Reserve policy expectations, US employment data, and other macro variables. Meanwhile, the spot Ethereum ETF has also experienced five consecutive weeks of net outflows, with a recent weekly outflow of about $123.4 million. Analysts point out that both Bitcoin and Ethereum products are under pressure simultaneously, indicating that the capital withdrawal is more related to a broader contraction in digital asset allocation rather than issues with individual assets. Industry experts believe that if upcoming US macroeconomic data weaken and reinforce market expectations of rate cuts, digital asset ETFs may see a capital rebound; until then, institutional funds remain inclined to control risk exposure.