In the past few days, the price of Bitcoin has been under significant bearish pressure, falling by more than 10% in the past week. The US-based spot Bitcoin ETFs (exchange-traded funds) registered significant withdrawals in the same period, begging the question of whether the funds are responsible for the market downturn.

The spot Bitcoin exchange-traded funds ended the run of significant daily outflows on Friday, February 28, with nearly $100 million added in value to close the week. However, it might be too early to tell whether this latest capital influx to these crypto-based products represents a shift in investor sentiment.

Bitcoin ETFs Lose $3.2 Billion In Eight Days

According to the latest market data, the US-based spot Bitcoin ETFs recorded a total daily net inflow of $94.34 million on Friday. This latest capital inflow put an end to the funds’ eight-day streak of consecutive net outflows.

The ARK 21Shares Bitcoin ETF (with the ticker ARKB) was responsible for a substantial portion of the day’s total inflow, posting  $193.7 million in capital influx. ARKB was followed by Fidelity Wise Bitcoin Fund (FBTC) on Friday, adding more than $176 million to its net assets to close the week.

Bitwise Bitcoin ETF (BITB) and Grayscale Mini Trust (BTC) were the only other exchange-traded funds that saw net inflows ($4.57 and $5.59 million, respectively) on Friday. BlackRock’s IBIT (the largest Bitcoin ETF by net asset) accounted for most of the total withdrawals ($244.5 million), continuing its recent trend of outflows.

Source: SoSoValue

The $94.34 million single-day net influx did little to alleviate the US-based Bitcoin ETFs’ weekly performance, which stood at a record negative outflows of over $2.61 billion. Up until the past Friday, the last time the US Bitcoin ETF market saw a daily net positive inflow was on Friday, February 14.

More than $3.265 billion was withdrawn from the spot Bitcoin exchange-traded funds within these eight days. Most notably, the Bitcoin ETFs registered over $1.1 billion in its daily net outflow on Tuesday, February 25 — the first time withdrawals have ever crossed the billion-dollar mark since launch.

Bitcoin Price And The Spot ETFs

There is undeniably a relationship between the performance of the spot Bitcoin ETFs and the BTC price. According to CryptoQuant’s Head of Research Julio Moreno, exchange-traded funds have disappeared as a source of demand growth for Bitcoin so far in 2025 relative to 2024.

The net cumulative inflows into Bitcoin ETFs on day 58 of 2025 stand at 12,100 Bitcoin ($1.7 billion), which pales in comparison to 128,700 Bitcoin ($6.3 billion) in 2024. This trend somewhat explains the Bitcoin price struggles since the start of this year.

As of this writing, BTC is valued at around $85,400, reflecting a 1.5% price increase in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

The US spot Bitcoin exchange-traded funds recorded a $94.3 million inflow on Feb. 28 — breaking eight consecutive days of outflows as Bitcoin made a partial recovery toward $85,000.

The ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) led the way with $193.7 million and $176 million in net inflows respectively, Farside Investors data shows.

ARKB and FBTC’s combined $369.7 million inflow more than covered the $244.6 million outflow from BlackRock’s iShares Bitcoin Trust ETF (IBIT), while the Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Mini Trust ETF (BTC) saw $4.6 million and $5.6 million in net inflows.

The Bitcoin products issued by Invesco, Franklin, Valkyrie and WisdomTree registered “0” inflows on the day, while the VanEck Bitcoin ETF and Grayscale’s Bitcoin Trust ETF (GBTC) bled outflows.

While the eight-day streak was broken, the $94.3 million net inflow hardly caused a dent in the $3.26 billion in net outflows that occurred between Feb. 18 and 27.

Feb. 25 was the worst day ever with a record $1.13 billion in outflows for the US Bitcoin products.

The mass outflows coincided with a 17.6% fall in Bitcoin’s (BTC) price from Feb. 18 to a near four-month low of $78,940 on Feb. 28, CoinGecko data shows.

Bitcoin’s price has rebounded since then to $86,165.

Related: BlackRock adds BTC ETF to $150B model portfolio product

The shaky start to the year has resulted in the spot Bitcoin ETFs recording a net outflow of about $300 million since Jan. 10, 2025 — the date which marked the first anniversary of the Bitcoin products launching.

Despite the market fall, industry pundits such as Bitwise chief investment officer Matt Hougan have said now is the “best time in history” to buy Bitcoin while it hovers around the $80,000 to $90,000 range.

“This is the moment of greatest opportunity for crypto,” said Jake Chervinsky, chief legal officer at Variant, pointing to a more crypto-friendly regulatory environment and increasing TradFi interest.

Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments — Trezor CEO

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