Bitcoin ETFs Bleed $1.26 Billion in Heaviest Weekly Drain Since January

U.S. spot Bitcoin ETFs shed $1.26 billion in cumulative net outflows last week, marking the heaviest weekly drain since late January and extending a six-day losing streak that has pulled cumulative net inflows down to $58.5 billion.

Bitcoin ETFs Shed $1.26 Billion in a Single Week

The 12 U.S.-based spot Bitcoin ETFs recorded $648.6 million in outflows on Monday alone, the largest single-day exit since January 29. That session set the tone for a week of sustained redemptions.

Outflows continued through the rest of the week: $331 million on Tuesday, $70.5 million on Wednesday, $100.8 million on Thursday, and $105.2 million on Friday. The six-day streak totaled $1.55 billion, pulling cumulative net inflows from $59.76 billion to $58.5 billion.

At the fund level, BlackRock’s IBIT closed the week with $61.1 billion in net assets against $64.8 billion in cumulative inflows, leaving the fund roughly $3.7 billion underwater relative to what investors have contributed. Fidelity’s FBTC, by contrast, still carries an approximately $3.2 billion cushion of net assets above cumulative inflows.

The damage was not limited to Bitcoin. Spot Ether ETFs posted $216 million in combined outflows over the same period, extending a 10-session consecutive outflow streak, the longest since March 2025. That parallel bleed suggests the selling pressure reflects broad risk-off positioning rather than Bitcoin-specific concerns, a dynamic also visible in recent bridge exploit losses that have weighed on crypto sentiment more broadly.

Macro Pressure and a Wave of Liquidations

Bitcoin slipped below $77,000 during the outflow week, hitting a two-week low. The drop triggered over $724 million in crypto liquidations within 24 hours, with Bitcoin accounting for $202 million of that total, $177 million of which came from long positions.

Andri Fauzan Adziima, Research Lead at Bitrue Research Institute, pointed to macro headwinds as the primary catalyst, noting that surging Treasury yields at 12-month highs, a stronger dollar, and geopolitical escalation were key culprits behind the sell-off.

“Key culprits [are] surging Treasury yields hitting 12-month highs, a stronger dollar, and geopolitical escalation.”

Andri Fauzan Adziima, Research Lead, Bitrue Research Institute

The Bank of Japan’s reinforcement of its rate-hiking stance added further pressure, strengthening the yen and forcing institutional desks to reduce exposure to high-beta assets including crypto. These macro forces created a hostile environment for Bitcoin-linked investment products that had enjoyed steady inflows through much of 2025.

The average ETF holder’s cost basis sits at approximately $90,200 per BTC, meaning roughly 62% of all ETF inflows are now in loss territory with Bitcoin trading near $77,000. That underwater positioning creates a distinct cohort of holders facing unrealized losses, which can amplify outflows as investors seek to limit further drawdowns.

At the current redemption pace, ETF outflows are returning approximately $2 billion per month of BTC to the open market, according to a single analyst estimate. If accurate, that would represent roughly twice the post-halving monthly mining issuance of approximately 13,500 BTC, creating additional supply-side pressure that compounds sentiment-driven selling.

What January’s Outflow Episode Tells Us

The last time Bitcoin ETFs experienced comparable weekly outflows was late January 2025. That episode, like the current one, coincided with a broader risk-off move across financial markets and a dip in BTC spot prices.

Despite the headline severity of the current drain, cumulative net inflows into U.S. spot Bitcoin ETFs remain at $58.5 billion, a figure that reflects sustained institutional demand since the SEC approved spot Bitcoin ETF listings in January 2024. The weekly outflow, while the largest in months, represents roughly 2% of total cumulative inflows.

On-chain analytics firm Santiment noted that sustained ETF outflow periods have historically tended to mark price bottoms rather than the start of deeper declines, and that large inflow spikes have historically landed near price tops. That pattern, if it holds, would suggest the current outflow streak could be a contrarian accumulation signal rather than the beginning of a structural unwind.

Bitcoin traded at $76,886 at press time, down 1.71% over seven days, with a market cap of $1.539 trillion. The Fear & Greed Index registered a score of 28, firmly in “Fear” territory.

Meanwhile, a Nickel Digital survey found that 86% of institutional allocators and wealth managers still expect crypto ETF inflows to increase through 2026, according to a single source, suggesting the outflow week may reflect short-term macro positioning rather than a structural erosion of institutional demand. Whether that optimism translates into renewed inflows will depend on how quickly the macro headwinds, particularly Treasury yields and dollar strength, begin to ease. Developments in stablecoin infrastructure and broader crypto market stability will also factor into institutional confidence.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.