Institutional demand for bitcoin appears to be cooling after a strong start to the month.
On Thursday, investors withdrew a total of $171.12 million from the 11 U.S.-listed spot bitcoin exchange-traded funds, marking the largest single-day outflow in just over three weeks, according to data from SoSoValue.
BlackRock’s IBIT recorded outflows of $41.92 million, while funds such as FBTC, GBTC, BITB and ARKB each recorded withdrawals in the range of $20 million to $30 million.
The recent decline comes after a period of strong capital inflows, in which these funds attracted more than $2 billion between the end of February and the middle of the month. Momentum has since slowed, with just $95.8 million in inflows last week and net outflows of $70.71 million so far this week.
Moderation in flows may signal a pause in institutional accumulation, and investors will take a more measured approach to these ETFs. Launched in January 2024, the funds allow market participants to gain exposure to bitcoin without requiring direct ownership.
The slowdown in demand raises questions about how long bitcoin can maintain resilience near $70,000 amid broader macroeconomic shocks.
