Bitcoin exchange-traded funds (ETFs) extended their losing streak on Wednesday as Bitcoin drifted toward the $70,000 level, adding to broader pressure across crypto markets.
Data from SoSoValue shows spot Bitcoin ETFs posted $545 million in outflows for the day, pushing weekly flows into negative territory with $255 million in net withdrawals.
So far this year, the funds have seen $3.5 billion in inflows but $5.4 billion in redemptions, resulting in net outflows of $1.8 billion. Total assets under management currently stand at $93.5 billion.
The negative ETF flows reflect broader market weakness, with total cryptocurrency market capitalization down about 20% year-to-date. According to CoinGecko, the market has fallen from roughly $3 trillion to around $2.5 trillion at the time of publication.
Bitcoin ETF Investors Hold Firm
Despite suffering their steepest losses since launching two years ago, some analysts say spot Bitcoin ETFs are showing resilience amid heightened volatility.
Cumulative net inflows into spot Bitcoin ETFs currently stand at $54.8 billion, just 13% below the October peak of $62.9 billion.
“That’s not too shabby considering these funds took in around $63 billion at their high,” Bloomberg ETF analyst James Seyffart said in an X post on Wednesday.
Bloomberg senior ETF analyst Eric Balchunas added that most Bitcoin ETF investors have continued to hold their positions despite the recent market pullback.
Balchunas estimated that only about 6% of total assets have left Bitcoin ETFs, even as prices have dropped sharply and many investors remain underwater.
He also noted that BlackRock’s iShares Bitcoin Trust (IBIT) has seen its assets fall back to around $60 billion after briefly touching $100 billion. “It could stay at this level for the next three years and still be the fastest ETF ever to reach $60 billion,” he said.
Amid the heavy outflows from Bitcoin ETFs, altcoin funds showed mixed activity. Ether ETFs recorded $79.5 million in outflows on Wednesday, while XRP-focused funds saw modest inflows of $4.8 million. Solana ETFs also posted outflows, totaling $6.7 million.
