Bitcoin exchange-traded funds extended losses Wednesday as Bitcoin approached the $70,000 level, applying downward pressure across crypto markets. Data from SoSoValue showed spot Bitcoin ETFs recorded $545 million in outflows on the day, pushing weekly flows into negative territory with $255 million in net withdrawals.
Year-to-date the funds have taken in $3.5 billion in inflows but seen $5.4 billion in redemptions, leaving a net outflow of about $1.8 billion. Total assets under management across these ETFs are approximately $93.5 billion.
The ETF weakness reflects a broader market pullback: total crypto market capitalization is roughly 20% lower year-to-date, sliding from about $3 trillion to near $2.5 trillion, according to CoinGecko.
Investors largely stayed put despite the selloff. Cumulative net inflows into spot Bitcoin ETFs stand at $54.8 billion, roughly 13% below the October peak of $62.9 billion — a resilient showing given recent volatility, Bloomberg ETF analyst James Seyffart noted.
Eric Balchunas, senior ETF analyst at Bloomberg, echoed that most ETF holders have held positions through the downturn. Balchunas estimated only about 6% of assets have exited the funds even as Bitcoin prices fell and many investors are underwater. He also pointed out that BlackRock’s iShares Bitcoin ETF (IBIT) fell to about $60 billion in assets after briefly near $100 billion, adding that even if IBIT remains at that level for years it would still be the fastest ETF to reach $60 billion.
Altcoin ETF flows were mixed Wednesday: Ether ETFs saw $79.5 million in outflows, XRP funds posted $4.8 million in inflows, and Solana ETFs recorded $6.7 million in outflows.
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