Spot Bitcoin exchange-traded funds (ETFs) in the United States continued to experience net outflows on February 11, as Bitcoin (BTC) remained under the $100K threshold, briefly dipping below $95K.
Data from SoSoValue reveals that the 12 spot Bitcoin ETFs tracked recorded $56.76 million in net outflows on Tuesday. This marked the second consecutive day of outflows, following a $186.28 million net exit from the funds the day prior.
Among the worst-hit funds, Fidelity’s FBTC led the outflows, with $43.63 million leaving the fund. Other ETFs, including Franklin Templeton’s EZBC, Invesco Galaxy’s BTCO, Bitwise’s BITB, and WisdomTree’s BTCW, also saw significant outflows, contributing $11.03 million, $9.51 million, $9.32 million, and $7.06 million in withdrawals, respectively.
However, BlackRock’s IBIT ETF stood out as the only exception on the day, managing to attract $23.8 million in inflows. Since its launch, the fund has accumulated over $40 billion in total net inflows, reflecting ongoing investor interest.
Despite the outflows, the daily trading volume for these Bitcoin ETFs reached $2.14 billion on February 11, up from $1.84 billion the previous day.
Ethereum ETFs See Inflows Amid Bitcoin ETF Outflows
While Bitcoin ETFs faced continued outflows, demand for Ethereum ETFs rebounded on February 11. These funds saw a net $12.58 million in inflows, all of which came from BlackRock’s ETHA ETF. Other Ethereum ETFs reported no change in inflows or outflows.
Ethereum ETF trading volume stood at $267.66 million on Tuesday, an increase from the previous day’s $210.99 million.
Investment Managers Expand Exposure
The contrasting demand for Bitcoin and Ethereum ETFs coincides with growing interest from institutional investors. For example, Goldman Sachs recently revealed a 2,000% increase in its holdings of spot Ethereum ETFs during the fourth quarter of 2024, alongside a boost in its Bitcoin ETF holdings, which now exceed $1.5 billion.
At press time, Bitcoin was trading at $95,834, down 2.5% over the past 24 hours after briefly dipping below $95K earlier in the day. Ethereum, on the other hand, faced steeper losses, dropping 3.7% to $2,604.
The Road Ahead for Bitcoin and Ethereum ETFs
The mixed demand for Bitcoin and Ethereum ETFs highlights ongoing volatility and investor sentiment in the cryptocurrency market. As institutional players continue to ramp up their positions in these assets, all eyes will be on the market’s next moves, particularly with growing regulatory scrutiny and the overall economic landscape potentially impacting the demand for digital asset investments.
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