The US Spot Bitcoin ETF recorded its biggest spill on February 25th, with $937.9 million being withdrawn from the funds in one day. This massive exit is the largest since ETFS, launched in January 2024, and reflects growing unrest in the crypto market.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the outflow, cutting $344 million, while BlackRock’s Ishares Bitcoin Trust (IBIT) won $159 million. The outflows from these two funds, a major player driving demand for Bitcoin ETFs, reflect a broader trend for institutional investors to reassess their position.
The second largest spill was seen on December 19, 2024, with $671.9 million leaving the ETF.
Five biggest total spills
The total date spill (millions of US$) is a massive runoff date of February 25, 2025 – 937.9, and will be significantly withdrawn across most ETFs including FBTC (-344.7), IBIT (-164.4), and BTC (-85.8). December 19, 2024 – 671.9 A large amount of leaks led by FBTC (-208.5), ARKB (-108.4), and GBTC (-87.9). BTC also shows a large drop (-188.6). January 8, 2025 -568.8 Notable spills from FBTC (-258.7), IBIT (-124.0), and ARKB (-148.3) show extensive pullbacks. November 4, 2024 – 541.1 Tough days at FBTC (-169.6), ARKB (-138.3), and BTC (-89.5). February 24, 2025 – close to the top, with FBTC (-247.0), IBIT (-158.6), and GBTC (-59.5) looking at the big exit.
The 5 largest total influx
Date Total Outflow (Multiple Million US Dollars) Notes February 25, 2025 – 937.9 Large Outflows led by FBTC (-344.7), IBIT (-164.4), and BTC (-85.8). December 19, 2024 – 671.9 Large draws including BTC (-188.6) led by FBTC (-208.5), ARKB (-108.4), and GBTC (-87.9). January 8, 2025 – 568.8 Extensive pullback using FBTC (-258.7), IBIT (-124.0), and ARKB (-148.3). November 4, 2024 – 541.1 Tough days at FBTC (-169.6), ARKB (-138.3), and BTC (-89.5). February 24, 2025 -539.0 is close to the top with FBTC (-247.0), IBIT (-158.6), and GBTC (-59.5) leading the leak.
Spot Bitcoin ETFs are particularly sensitive to Bitcoin price fluctuations as they represent the institution’s major exposure to BTC. Similar to the November 2024 inflow, it was followed by a spike in Bitcoin followed by a spike in new ATHs of over $100,000.
The momentum of rising prices sparked by post-election retail activity in the US was supported and maintained by significant institutional demand. This is why we see a $937.9 million spill February 25th It puts even more pressure on Bitcoin’s rapid depreciation price, pushing its low price as $82,000.
The spill means that the ETF has sold a corresponding amount of Bitcoin to meet redemption demand. Even if the majority of the sale is OTC, the pressure on the market from a $937.9 billion outflow is important enough to curb Bitcoin prices in the short term.
The sale follows a net spill trend over the past 10 days, with cumulative spills exceeding $1.14 billion in two weeks.
Despite the massive leak, Bitcoin ETF has accumulated approximately $36.2 billion in net inflows since its launch in 2024.
ETF flows are not a key driver of Bitcoin prices, but global exchange transactions, institutional adoption, and macroeconomic factors (such as US tariffs and Fed policies) also play a key role.
Witnesses from the Post-Bitcoin ETF recorded a $937.9 million spill amid the first appearance of investor anxiety on Cryptoslate.
