- Bitcoin ETFs experienced a second consecutive day of outflows, totaling $56.76 million, as Bitcoin briefly dipped below $95,000, while BlackRock’s IBIT stood out with $23.8 million in net inflows.
- Meanwhile, Ethereum ETFs saw renewed investor interest, with BlackRock’s ETHA attracting $12.58 million in inflows despite overall market volatility.
The cryptocurrency market experienced another wave of outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) on February 11, as Bitcoin struggled to maintain its value above $100,000. The digital asset briefly dipped below $95,000, reflecting investor uncertainty in the market.
Bitcoin ETFs Extend Outflow Streak
According to data from SoSoValue, the 12 spot Bitcoin ETFs in the U.S. recorded net outflows of $56.76 million on Tuesday. This marks the second consecutive day of negative flows, following $186.28 million in outflows on the previous day. Fidelity’s FBTC led the outflows, with $43.63 million leaving the fund. Other major funds such as Franklin Templeton’s EZBC, Invesco Galaxy’s BTCO, Bitwise’s BITB, and WisdomTree’s BTCW also contributed to the downward momentum, shedding $11.03 million, $9.51 million, $9.32 million, and $7.06 million, respectively.
BlackRock Stands Out Amidst Outflows
Despite the prevailing negative sentiment, BlackRock’s IBIT stood as a notable exception, attracting $23.8 million in net inflows. Since its launch, IBIT has accumulated total net inflows exceeding $40 billion, highlighting its strong investor confidence relative to other Bitcoin ETFs.
Ethereum ETFs Flip to Positive Flows
While Bitcoin ETFs struggled, Ethereum ETFs saw a reversal in trends, recording net inflows of $12.58 million on February 11. The entire inflow was directed to BlackRock’s ETHA, while other Ethereum ETFs recorded zero net flows for the day. The daily trading volume for Ethereum ETFs reached $267.66 million, up from $210.99 million on the previous trading day, indicating renewed investor interest in ETH-based investment products.
Institutional Interest Remains Strong
Despite the short-term fluctuations, institutional players continue to increase their exposure to cryptocurrency ETFs. Goldman Sachs, for instance, disclosed that it had significantly expanded its holdings in spot Ether ETFs by 2,000% in Q4 2024. The financial giant also boosted its Bitcoin ETF holdings to over $1.5 billion, underscoring the long-term confidence in digital assets.
Market Outlook
At press time, Bitcoin was trading at $95,834, marking a 2.5% decline over the past day. Meanwhile, Ethereum saw a steeper drop of 3.7%, trading at $2,604. The mixed performance of Bitcoin and Ethereum ETFs indicates an evolving investor sentiment, with some shifting focus towards alternative digital assets amid market volatility.
As the crypto market navigates these fluctuations, all eyes will be on upcoming economic indicators and market trends to gauge whether Bitcoin can regain stability or continue its downward trajectory.
