Spot Bitcoin ETFs have now bled investor money for nine straight trading sessions, with total net outflows hitting $2.84 billion. The streak surpasses an eight-day outflow run recorded in February 2025, making it the longest continuous withdrawal period for the funds since their launch. The numbers, tracked by Bloomberg data, show no sign of a reversal as of Thursday's close.
The sell-off in numbers
The nine-session exodus wiped out roughly 1.5% of the combined assets under management for the U.S. spot Bitcoin ETF cohort, which stood at about $190 billion before the streak began. February 2025's eight-day outflow spree pulled $1.9 billion, meaning this month's run is both longer and heavier. The pace of redemptions accelerated late last week, with daily outflows exceeding $400 million on three separate days.
Why the streak matters
Nine consecutive days of net selling is unusual for a product class that has mostly seen steady inflows since its January 2024 debut. The February 2025 episode was blamed on a broader macro sell-off tied to hotter-than-expected inflation data. This time around, no single catalyst has been publicly identified — no major regulatory action, no exchange collapse, no sudden tariff escalation. That silence has made the outflow streak more puzzling to market watchers.
The funds affected include BlackRock's IBIT, Fidelity's FBTC, and a dozen other products. Each has reported net outflows for nine straight days, though the proportional hit varies. Grayscale's GBTC, which had been a consistent source of outflows in earlier months, saw its daily redemption figures shrink relative to the newer, lower-fee funds.
What happens next
The next data point comes after Friday's market close. If the streak reaches ten days, it will be the first double-digit outflow run in the history of spot Bitcoin ETFs. The funds' issuers have not issued public commentary on the trend, and no filings suggest a structural change to the products. For now, the market is watching whether Bitcoin's price — which has drifted about 8% lower over the same nine-day window — will stabilize or draw bargain hunters back in.
