Bitcoin ETFs switch to outflows as BTC falls under $95k
Spot Bitcoin exchange-traded funds in the U.S. shifted to net outflows on Feb. 18 as Bitcoin briefly dipped under $95,000, driven by declining odds of Trump approving a Strategic Bitcoin Reserve in the U.S.
According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded a net outflow of $60.63 million on Friday, a reversal from the $66.19 million in net inflows recorded the previous trading day.
The majority of outflows came from Bitwise’s BITB, which saw $112.65 million exit the fund, followed by Fidelity’s FBTC, which logged $16.42 million in outflows.
BlackRock’s IBIT managed to offset part of these outflows, attracting $68.44 million from investors, while the remaining nine Bitcoin ETFs recorded no flows for the day.
Despite the outflows, Bitcoin ETFs experienced a surge in trading activity, with daily volume rising to $2.83 billion on Feb. 18, up from $2.2 billion the previous day.
Meanwhile, the nine spot Ethereum ETFs continued their positive streak, recording a modest $4.6 million in inflows on Feb. 18, entirely from Fidelity’s FETH, which logged inflows for the third consecutive day. The remaining ETH ETFs remained neutral on the day.
Notably, such a mixed scenario reflects a broader shift in market sentiment, with Bitcoin dipping below $95,000 as part of an ongoing downtrend since its all-time high of $109,200 a month ago. A key factor behind this decline appears to be waning confidence in the potential establishment of a Strategic Bitcoin Reserve in the U.S. under the Trump administration.
On Polymarket, a prediction market tracking this possibility, the probability of President Donald Trump launching an SBR within his first 100 days has dropped to 11%, a big drop from its January peak of 40%. The decreasing odds suggest growing skepticism among investors regarding the administration’s commitment to such a reserve.
Despite this decline, discussions within the Trump administration about a Strategic Bitcoin Reserve are reportedly ongoing. David Sacks, a prominent venture capitalist who now oversees crypto and AI policy, has acknowledged that these conversations are taking place.
At press time Bitcoin (BTC) was down 0.4% over the past day, exchanging hands at $95,287 while Ethereum (ETH) was also trading sideways at $2,688 per coin.
