Spot Bitcoin exchange-traded funds (ETFs) are on track to post a fourth consecutive month of net outflows as Bitcoin (BTC) approaches a fifth negative monthly close in February. The slowdown is visible across the shrinking fund balances and the bearish rolling net flow data, especially when measured against competing asset ETFs.
With Bitcoin price and the spot ETF holdings trending lower since October, investors are searching for answers on what the future may hold for BTC.
Bitcoin ETFs dominate headlines
Net assets held in US spot Bitcoin ETFs peaked near $170 billion in October 2025 and now stand at $84.3 billion. The cumulative net inflows have fallen to roughly $54 billion from the $63 billion all-time high. Since July 2025, cumulative net flows have totaled just $5 billion, underscoring the sharp drop in capital inflows.
Bitcoin researcher Axel Adler Jr. tracked seven sessions between Feb. 12 and Feb. 19 and found the net ETF outflows totaled 11,042 BTC. Feb. 12 marked the largest single-day reduction at 6,120 BTC, or about $416 million. The Feb. 17 and Feb. 18 sessions saw back-to-back outflows of 1,520 and 1,980 BTC, respectively. Only two sessions were positive, with the Feb. 6 session adding 5,900 BTC to the funds.
Spot BTC ETF netflows 7-day average Source: Axel Adler Jr.
Adler said that three consecutive positive sessions are needed to confirm renewed accumulation in the ETFs. Until then, the flows continue to act as a source of supply for the market.
The macroeconomic data align with the cooling trend. The ETFs have shed about 87,000 BTC since November 2025, including roughly 15,000 BTC in February. The total ETF balances now sit near 1.26 million BTC, down from the 1.36 million BTC peak.
Bitcoin ETF AUM. Source: checkonchain
The selling pressure from the largest BTC funds has been measured. BlackRock’s IBIT holdings declined to 759,000 BTC from 806,000 BTC, a 6% reduction. Fidelity’s FBTC dropped to 186,000 BTC from 213,000 BTC, a 12.6% decline.
Bitcoin price has fallen far more sharply than the ETF balances, while the spot market demand has appeared insufficient to fully absorb the broader…
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