U.S. spot Bitcoin ETFs recorded a sharp outflow day on Feb. 4, underscoring how concentrated ETF ownership can amplify downside in a risk‑off move. SoSoValue data show total U.S. spot Bitcoin ETF net outflows of ‑$544.94M on Feb. 4. Cumulative net inflows remain sizable at $54.75B, with total net assets of $93.51B — roughly 6.36% of Bitcoin’s market capitalization.
BlackRock’s iShares Bitcoin Trust (IBIT) led withdrawals, posting a one‑day net outflow of ‑$373.44M, though it still holds $56.21B in net assets and about $61.78B in cumulative inflows. Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw ‑$86.44M in outflows and sits on $14.03B in net assets with $11.19B cumulatively, trading essentially at NAV with a small discount of ‑0.20%. Grayscale’s GBTC continued to bleed, losing ‑$41.77M on the day and showing cumulative net outflows of ‑$25.80B, leaving $11.60B in net assets despite its 1.50% fee. Trading activity remained brisk: total value traded in U.S. spot Bitcoin ETFs hit $7.15B on Feb. 4.
Those ETF outflows coincided with broader risk‑off price moves. Bitcoin traded near $73,103, down about 5.5% over 24 hours, as total crypto market cap fell roughly 4.4% to $2.35T. Ethereum was around $2,111, trading between about $2,080 and $2,287 over the day with turnover near $47.4B. Solana hovered close to $92 after briefly dipping under $90, down roughly 7–8% on about $8.7B in volume.
Analysts warn the ETF dynamic can cut both ways. Citi strategists note the average entry price for spot ETF buyers clusters near $81,600 and argue that “slowing spot ETF inflows and regulatory uncertainty could push Bitcoin toward the $70,000 area if outflows persist.” The takeaway: structurally high ETF ownership meets a cyclical pullback in demand, and the flows are driving the price action.