U.S. Spot Bitcoin ETFs See Largest Daily Outflows Since January

Record Daily Outflows and Fund-Level Breakdown

U.S. spot bitcoin ETFs saw a combined $648.6 million in net outflows across seven funds on Monday, marking the largest daily withdrawal from the products since Jan. 29. This follows last week’s total net outflows of $1 billion, which ended a six-week streak of positive flows into the asset class.

BlackRock’s IBIT recorded the largest single-fund outflows on Monday, with $448.3 million leaving the fund. Ark & 21Shares’ ARKB followed with $109.6 million in outflows, while Fidelity’s FBTC saw $63.4 million exit. Products offered by Bitwise, VanEck, Invesco, and Franklin Templeton also posted negative flows.

Dominick John, analyst at Zeus Research, described the moves as a “short-term institutional risk-off” shift, characterizing the outflows as driven by profit-taking and macro uncertainty. He noted that institutions remain active but are acting more tactically, using ETFs as liquidity tools to adjust bitcoin exposure.

Macro Backdrop, Bitcoin Price Action, and Liquidity Signals

Bitcoin, which had posted weeks of gradual gains, fell below $77,000 over the weekend. The decline coincided with renewed tensions between the U.S. and Iran and rising oil prices, which have intensified concerns about persistent inflation.

According to John, higher U.S. Treasury yields have contributed to ETF outflows by making risk-free returns more attractive as global liquidity tightens. He said the combination of elevated yields and inflation worries is encouraging short-term de-risking among institutional investors.

John characterized bitcoin as being in a consolidation phase amid macro-driven volatility, holding a key support area around $76,000 to $77,000. At the same time, he pointed to an expansion in the market capitalization of major stablecoins such as USDT and USDC, interpreting this as an indication of liquidity remaining on the sidelines and potentially positioning for “dip-buying opportunities” if bitcoin revisits key price levels.

Other analysts told The Block earlier this week that bitcoin and the broader crypto market remain structurally constructive and could be setting up for a potential bounce. Andri Fauzan Adziima, research lead at Bitrue Research Institute, said near-term volatility remains high but framed the current pullback as “healthy digestion in a broader uptrend.” Analysts highlighted the importance for traders of monitoring signals from new Federal Reserve Chair Kevin Warsh regarding inflation, interest rates, and overall policy stance.

FAQ

What was the scale of the latest U.S. spot bitcoin ETF outflows?
U.S. spot bitcoin ETFs recorded $648.6 million in net outflows across seven funds on Monday, the largest single-day outflow since Jan. 29.

Which bitcoin ETF saw the largest outflows?
BlackRock’s IBIT posted the largest outflows on Monday, with $448.3 million exiting the fund.

What macro factors are linked to the outflows and price moves?
Analysts cited profit-taking, higher U.S. Treasury yields, renewed U.S.-Iran tensions, rising oil prices, and associated inflation concerns as key drivers of a short-term institutional risk-off environment.

How are stablecoins behaving amid the recent volatility?
Major stablecoins led by USDT and USDC have expanded in market capitalization, which Zeus Research views as evidence of sidelined liquidity potentially preparing for dip-buying if bitcoin revisits key support levels.