Bitcoin spot ETFs see $316M outflows, marking fifth week of decline

US spot Bitcoin ETFs hemorrhaged $316 million in net outflows for the week ending February 20, marking a fifth straight week of investors pulling money out. That’s the longest losing streak these products have endured since March 2025, and the cumulative damage is starting to add up.

Over the five-week stretch, a total of $3.8 billion has exited Bitcoin ETF products. And the biggest name in the room, BlackRock’s IBIT, has been leading the charge toward the exits.

The great rotation is underway

Bitcoin wasn’t the only major asset getting the cold shoulder. Ethereum ETFs shed approximately $123 million during the same week, while Solana-linked products also recorded net redemptions.

While the big three were bleeding capital, XRP and HYPE (Hyperliquid) ETFs were actually attracting inflows. Institutional money isn’t leaving crypto entirely — it’s just moving to different neighborhoods.

The HYPE products are particularly notable given they only launched in May, making their ability to pull in capital during a broader risk-off environment all the more striking. XRP ETFs similarly drew fresh investment, suggesting that traders are hunting for altcoin exposure rather than doubling down on Bitcoin at current levels.

BlackRock’s IBIT bears the brunt

BlackRock’s IBIT has accounted for the majority of net outflows during this five-week period. IBIT is the largest spot Bitcoin ETF by assets under management.

Total assets under management across Bitcoin ETF products have hovered around $85 billion at various points during this period. The last time Bitcoin ETFs experienced a comparable stretch was March 2025, which coincided with a broader market correction that eventually reversed.

What this means for investors

The $3.8 billion in cumulative outflows comes with Bitcoin struggling to hold levels above $65,000. The divergence between asset classes — with XRP and HYPE ETFs attracting inflows while Bitcoin and Ethereum bleed capital — suggests institutional investors are cycling between sectors based on perceived value and momentum rather than exiting crypto wholesale.

The XRP and HYPE inflows raise a practical question: are these products absorbing Bitcoin outflows, or are they attracting entirely new capital? If it’s the former, the total crypto ETF market is essentially flat, just reshuffling. If it’s the latter, the overall addressable market for crypto investment products is still growing even while Bitcoin-specific demand cools.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.