US spot Bitcoin ETFs have recorded five straight weeks of net withdrawals, with investors pulling roughly $3.8 billion from the funds as macro uncertainty weighs on risk assets. The sustained outflows highlight a cautious shift in institutional positioning, even as the products still hold tens of billions in net inflows since launch.
A steady drip of redemptions
Spot Bitcoin exchange-traded funds saw another $315.9 million in net outflows last week, according to data from SoSoValue. That extends a five-week streak of withdrawals, with the largest weekly decline occurring in the period ending Jan. 30, when investors redeemed about $1.49 billion.
The weekly total came despite pockets of buying. On Friday alone, the funds recorded roughly $88 million in inflows. But those gains were overshadowed by heavier redemptions earlier in the week, including a single-day withdrawal of more than $410 million on Feb. 12 and additional negative sessions between Feb. 17 and Feb. 19.
Still billions in net inflows since launch
Even with the recent pullback, US spot Bitcoin ETFs remain firmly positive on a cumulative basis. As of Friday, the funds have attracted about $54.01 billion in net inflows since their debut.
Total net assets stood near $85.31 billion, accounting for approximately 6.3% of Bitcoin’s overall market capitalization. The recent wave of selling reflects short-term repositioning rather than a full reversal of the longer-term allocation trend that defined much of the past year.
Institutional de-risking extends to Ether
Vincent Liu, chief investment officer at Kronos Research, said the recent withdrawals appear tied to portfolio de-risking rather than waning structural demand. Rising geopolitical tensions and broader macro uncertainty have reinforced a risk-off tone across markets, leaving digital assets exposed to headline-driven volatility.
The pattern is not limited to Bitcoin. US spot Ether ETFs have also posted five consecutive weeks of outflows. Last week, the funds recorded about $123.4 million in net withdrawals. While there were positive days, including $48.6 million in inflows on Feb. 17 and $10.3 million on Feb. 13, they were outweighed by stronger selling pressure earlier in the week.