WELCOME TO KTNBIO

U.S. spot Bitcoin ETFs saw a big spike in net outflows on Feb. 24, with most of it coming from Fidelity and BlackRock’s funds as market sentiment turned sour.

According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $516.41 million in outflows on Monday, a surge of over 700% from the previous day’s $62.77 million, making it the worst single-day outflow since Jan. 8.

Fidelity’s FBTC took the biggest hit, losing $246.96 million, followed by BlackRock’s IBIT, which saw $158.59 million in redemptions. Notably, none of the ETFs recorded any inflows that day, signaling a strong wave of selling pressure. Data for ARK 21Shares’ ARKB wasn’t available at the time, but other ETFs that saw outflows included:

• Grayscale’s GBTC: $59.5 million
• Invesco Galaxy’s BTCO: $15.02 million
• WisdomTree’s BTCW: $12.5 million
• Bitwise’s BITB: $10.26 million
• VanEck’s HODL: $7.33 million
• Grayscale’s mini Bitcoin Trust: $6.25 million

Despite the sell-off, the total daily trading volume for these ETFs was still high at $2.9 billion, and overall, these funds have seen net inflows of $39.04 billion since their launch.

Ethereum ETFs also take a hit

It wasn’t just Bitcoin ETFs that struggled. Ethereum ETFs also faced heavy outflows, losing $78.09 million on Feb. 24, a sharp jump from the $8.92 million outflows the day before.

BlackRock’s ETHA led the exits with $48.21 million withdrawn, followed by Grayscale’s ETHE, which lost $15.45 million. Other funds also saw redemptions:

• Bitwise’s ETHW: $9.71 million
• Grayscale’s mini Ethereum Trust: $4.73 million

Data for 21Shares’ CETH wasn’t updated at the time, but the remaining four ETH ETFs saw no movement at all.

Bitcoin struggles to find direction

The timing of these outflows wasn’t random. Bitcoin has been stuck in a tight range between $94,000 and $98,000 for most of February, and over the weekend, it took a hit following news that over $1.4 billion in Ethereum and related tokens had been stolen from the crypto exchange Bybit.

On Monday, BTC dropped to $88,614, trading 18.5% below its all-time high of $108,786, which it hit on the day of Donald Trump’s inauguration.

Even MicroStrategy’s ongoing Bitcoin buying spree couldn’t lift the market. The company just announced another big purchase—20,356 BTC—bringing its total holdings to nearly 500,000 BTC.

Trump’s second term isn’t boosting crypto—yet

A month into Donald Trump’s second term, expectations that he would supercharge the crypto market, like he did after winning in November, haven’t materialized.

Bettors on Polymarket now give just a 10% chance that he will create a strategic Bitcoin reserve within his first 100 days. Meanwhile, the White House has softened its stance, saying it’s still evaluating whether to stockpile Bitcoin.

For now, the market appears to be in wait-and-see mode as investors navigate volatility, ETF outflows, and broader uncertainty around regulatory and macroeconomic trends.