Bitcoin exchange-traded funds (ETFs) in the U.S. have faced their largest-ever wave of outflows as the cryptocurrency slided below the $89,000 mark.
On February 25, the 11 Bitcoin ETFs experienced a combined outflow of $937.9 million, marking the sixth consecutive day of losses, according to data from Farside.
This trend comes amid a larger downturn in the market, with Bitcoin falling 3.4% in a single day, dipping from a peak of $92,000 to a low of $86,140.
eading the outflow was the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw a record $344.7 million leave, while BlackRock’s iShares Bitcoin Trust (IBIT) followed with $164.4 million in losses.
Other funds like Bitwise Bitcoin ETF (BITB) and Grayscale’s two Bitcoin-focused ETFs also suffered significant outflows.
With $2.4 billion leaving Bitcoin ETFs this month alone, many analysts are pointing to the shift as largely driven by hedge funds seeking quick profits through arbitrage strategies, rather than long-term investors.
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