U.S. spot Bitcoin (BTC) and Ethereum (ETH) ETFs are continuing extended streaks of weekly net outflows, marking a notable shift in institutional sentiment amid broader market pressures like macroeconomic uncertainty, risk-off behavior, and potential policy factors.
Spot BTC ETFs have recorded five consecutive weeks of net outflows, the longest such streak since early 2025 around February-March of that year. The total outflows over these five weeks amount to approximately $3.8 billion. The most recent week ending around February 20, 2026 saw about $316 million in net outflows.
Year-to-date (2026) outflows for BTC ETFs are reported in the range of $4–4.5 billion in some analyses, though cumulative net inflows since the ETFs’ launch remain strongly positive around $54 billion or more, per trackers like CoinGlass and Farside.
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Major contributors to outflows include large vehicles like BlackRock’s IBIT leading recent redemptions and Fidelity’s FBTC, with Grayscale’s GBTC historically a source of ongoing pressure. Daily data shows mixed but predominantly negative recent flows like outflows on February 18–19, with some smaller inflows or flat days interspersed.
This has coincided with BTC price pressure, dipping toward the mid-$60,000s or lower in recent sessions. Spot ETH ETFs are also in a five-week streak of net outflows, mirroring BTC’s trend. The outflows over this period total around $123 million for the latest week referenced, with cumulative pressure building; year-to-date nearing $500 million in losses for some reports.
Daily and weekly data from sources like CoinGlass shows ongoing negative flows in recent sessions; notable outflows on February 20 in some tickers like FETH. ETH has faced even steeper price declines in context, amplifying the risk-off tone.
These streaks reflect institutional de-risking rather than full capitulation—crypto ETF assets under management remain elevated overall, and some altcoin-related products have seen minor inflows as capital rotates. Low trading volumes and apathy have been cited as factors.
The outflows have contributed to sustained downward pressure, with Bitcoin trading around $65,000–$68,000 down significantly from its October 2025 peak near $126,000, representing a ~47–52% drawdown depending on the exact low. This has been exacerbated by a feedback loop where ETF redemptions reduce institutional buying support, amplify volatility, trigger leveraged liquidations, and further depress prices.
Analysts describe this as orderly deleveraging rather than full capitulation, but it has led to Bitcoin’s worst start to a year on record, with back-to-back monthly declines in January and February 2026—the first such occurrence in its history.
Ethereum has faced even steeper relative declines, dropping to levels around $1,850–$1,975 down ~30–60% in recent periods from prior highs, with outflows adding to weakened liquidity and a slowing burn rate that undermines scarcity narratives. This has pushed ETH toward key psychological supports, amplifying the broader altcoin weakness.
These price drops coincide with macro factors like U.S. tariff uncertainties, geopolitical tensions and risk-off rotations into safer assets like gold, but ETF flows act as a direct amplifier by removing a key source of spot demand. The streaks reflect institutional de-risking and trimming of exposure amid macro jitters, rather than outright panic or “crypto winter” abandonment.
Long-term holders appear resilient; cumulative net inflows since BTC ETFs launched remain strongly positive ~$53–54B for BTC, with AUM around $85B holding ~6% of supply despite the bleed. Sentiment indicators like the Crypto Fear & Greed Index have hit extreme lows, signaling potential capitulation but also rebound setups if flows stabilize.
European crypto ETFs have shown more resilience with recent inflows, contrasting U.S. trends and suggesting regional differences in response to volatility. Outflows drain on-exchange liquidity, thinning order books (depth down sharply in recent months), increasing slippage on trades, and making recoveries harder without fresh inflows.
A vicious cycle emerges: price drops ? more redemptions ? reduced support ? further drops. Many ETF holdings are now underwater relative to average cost basis ~$80–85k for BTC, which could prolong caution.
Broader rotation: Some capital shifts to alternatives; stablecoins, select altcoins like Solana seeing minor inflows, highlighting selective rather than blanket exodus. Experts emphasize that outflows ~$4–4.5B YTD for BTC, hundreds of millions for ETH are substantial but pale against longer-term inflows and total AUM.
Flat or reversing flows could stabilize prices, while persistence might extend the bearish regime. Recent isolated days; $88M BTC inflow on Feb 20 hint at possible rotation back in, but the streak’s continuation into February 23 underscores fragility.
These outflows underscore crypto’s sensitivity to institutional flows in the ETF era, turning what was once a tailwind into a headwind during risk-off periods, but the structural footprint (regulated access, billions in holdings) remains intact for potential recovery if sentiment improves.