U.S. spot Bitcoin exchange-traded funds witnessed over half a billion dollars worth of net outflows on Monday — the fifth-largest since their launch in January 2024.
Fidelity's FBTC led the net outflows with $247 million leaving the fund, followed by BlackRock's IBIT with $158.6 million and Grayscale's converted GBTC product with $59.5 million, according to data compiled by The Block. The spot Bitcoin ETFs generated a total of $516.4 million in net outflows on Monday, with figures for Ark Invest's ARKB still to come.
Monday's net outflows represent the fifth-largest to date, excluding ARKB's data. The largest daily outflows were recorded on Dec. 19, with $671.9 million leaving the funds after bitcoin's price corrected from an all-time high of above $108,000 at the time. The spot Bitcoin ETFs' five-day net outflow streak now totals $1.07 billion.
Meanwhile, the U.S. spot Ethereum ETFs saw $78 million worth of net outflows on Monday, led by BlackRock's ETHA, with their three-day outflow streak now totaling $100 million.
"The outflow streak continues across crypto ETFs, marking the longest period of sustained redemptions since their launch," BRN analyst Valentin Fournier said on Tuesday. "This suggests that the initial wave of investors interested in digital assets is now fully allocated. Moving forward, ETFs will need fresh demand or a broader market catalyst to reignite inflows."
However, the outflows are not "outlandish," according to Bitcoin Opportunity Fund Co-Managing Partner David Foley. "It all feels very controlled to us after a major run up in November and December and now investors starting Q1 2025 assessing general economic and asset market directions for the year," he told The Block.
Despite the recent outflows, total cumulative net inflows into the Bitcoin funds remain above $39 billion, with $111 billion in assets under management across the spot ETFs, according to The Block's ETF tracker page.
Trading volume for the spot Bitcoin ETFs rose slightly to $3.8 billion on Monday, led by $2.6 billion for BlackRock's IBIT. However, volume remains significantly below the recent $9.5 billion peak on Jan. 23 and its all-time high of $9.9 billion on March 5, 2024.
Monday's spot Bitcoin and Ethereum ETF outflows come amid a crypto price slump that continues into Tuesday. Bitcoin has fallen 7.6% to $88,547 over the past 24 hours, while ether has dropped $11.2% to $2,394, according to The Block's Prices Page.
Solana and XRP were harder hit, sliding 14.4% and 13%, respectively, over the past day, despite growing hopes of Securities and Exchange Commission approval for their own spot ETF products in the U.S.
Meanwhile, the GMCI 30 index, representing a selection of the top 30 cryptocurrencies, is down 11% in the last 24 hours to 147.51.
"The double-whammy of the LIBRA scam, followed by the Bybit hack, are obvious crypto-specific candidates that have likely been weighing on risk appetite," Nansen Principal Research Analyst Aurelie Barthere told The Block. "There is also some concern about the slowdown in U.S. growth since last week's US Services PMI release, the lowest in 22 months and consistent with GDP growth tracking at 0.6% only."ad
"Over the past week, growing concerns over tariffs, the Russia-Ukraine war, and the underperformance of AI stocks have triggered a broad risk-off sentiment," Fournier said. However, bitcoin remains resilient, holding up as well as the Nasdaq despite negative news, while delays in a potential state and national bitcoin strategic reserves under the Trump administration present a longer-term opportunity for accumulation, he added. "We maintain a bullish stance on crypto, recommending staying heavily invested. Solana, in particular, stands out as a high-upside play, with potential for outsized gains on the next rebound."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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