- On February 6, U.S. spot Bitcoin ETFs experienced a net outflow of $140.3 million, led by Fidelity’s FBTC with $103.25 million in redemptions, while Bitwise’s BITB was the only ETF to record inflows.
- Despite these outflows, trading volume remained strong at $2.45 billion, indicating sustained investor interest amid Bitcoin’s struggle to break past the $100,000 mark.
The cryptocurrency market faced a setback on February 6 as spot Bitcoin exchange-traded funds (ETFs) in the United States recorded significant outflows. This shift followed a brief period of inflows, underscoring investors’ cautious stance amid Bitcoin’s struggle to break past the $100,000 threshold.
A Sharp Reversal in Fund Movements
After two consecutive days of inflows amounting to $407 million, the 12 U.S. spot Bitcoin ETFs saw a net outflow of $140.3 million on February 6. This reversal suggests that investors remain uncertain about Bitcoin’s next move, especially as it continues to trade below a critical resistance level.
Fidelity’s FBTC Leads the Exodus
Among the ETFs experiencing outflows, Fidelity’s FBTC took the hardest hit, with redemptions totaling $103.25 million. Grayscale’s GBTC followed with $42.21 million withdrawn. These figures indicate a potential shift in sentiment, as traders lock in profits or reposition their portfolios in anticipation of future market movements.
Bitwise’s BITB Stands Alone
While most ETFs recorded losses, Bitwise’s BITB stood out as the only fund to attract fresh investments, securing $5.15 million in inflows. This suggests that some investors still see opportunities in the Bitcoin ETF market, despite broader uncertainties.
BlackRock’s IBIT and Others See No Movement
Interestingly, other major ETFs, including BlackRock’s IBIT, remained stagnant with no net flows for the day. This neutral position reflects a wait-and-see approach among investors who may be assessing Bitcoin’s next potential rally before making any significant moves.
Trading Volume Remains Strong
Despite the outflows, trading activity remained robust, with total Bitcoin ETF volume surging to $2.45 billion on February 6—an increase from the $2.04 billion recorded the previous day. This heightened activity indicates that investor interest in Bitcoin ETFs remains strong, even as market participants navigate the current volatility.
What’s Next for Bitcoin ETFs?
With Bitcoin still struggling to surpass the $100,000 mark, the coming weeks will be crucial in determining the direction of ETF flows. If Bitcoin can break through resistance, ETFs may see a resurgence in inflows. Conversely, prolonged consolidation or a downturn could trigger further redemptions.
For now, investors will be closely watching price movements and macroeconomic factors that could influence Bitcoin’s trajectory in the near term.
