U.S. spot Bitcoin exchange-traded funds (ETFs) are experiencing a continued decline, marking their second consecutive week of outflows. Meanwhile, Ethereum (ETH) ETFs have managed to secure modest but positive inflows, highlighting a shift in investor sentiment.
Recent data from SoSoValue reveals that Bitcoin ETFs recorded a fourth straight day of net outflows last week, with a total loss of $62.77 million on February 21, 2025. This contributed to a weekly net outflow of $559.41 million, bringing the two-week cumulative loss to approximately $1.14 billion. This downturn is the first of its kind since these ETFs were launched in January 2024.
Despite the overall negative trend, BlackRock’s iShares Bitcoin Trust (IBIT) stood out as an exception. The fund continued its bullish momentum, registering a net inflow of $21.64 million. IBIT remains the strongest performer, boasting cumulative net inflows of $40.88 billion and total net assets valued at $55.85 billion. The VanEck Bitcoin ETF (HODL) also managed to secure a modest inflow of $4.71 million.
On the other side of the spectrum, several major Bitcoin funds experienced significant withdrawals. Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $12.47 million in outflows, bringing its total net assets down to $19.68 billion, though it remains the second-best performing Bitcoin ETF behind IBIT. Meanwhile, the Bitwise Bitcoin ETF registered a $16.58 million loss, while the Grayscale Bitcoin Trust (GBTC) faced the largest outflow of the week at $60.08 million. GBTC’s cumulative net outflows now stand at $22.11 billion, reducing its net assets to $18.84 billion.
While Bitcoin funds struggled, Ethereum ETFs managed to stay in the green, albeit by a narrow margin. Despite ending the week with $8.92 million in net outflows on February 21, ETH funds recorded a slight weekly net inflow of $1.61 million, avoiding another week of overall losses. The Bitwise Ethereum ETF (ETHW) was the most active among ETH funds, experiencing an $8.92 million outflow after more than a week of stability. This brought ETHW’s cumulative net inflows to $338.63 million, with total net assets now standing at $270.53 million. While these figures may appear modest compared to some competitors, ETHW currently ranks fourth in cumulative net inflows and fifth in total net assets.
Bitcoin ETFs still hold a dominant position in the market, commanding $110.8 billion in BTC, which accounts for 5.88% of Bitcoin’s total market capitalization. In contrast, Ethereum ETFs control $10.31 billion in net assets, representing 3.14% of ETH’s market cap. However, the recent contrasting performance between these two types of funds raises questions about shifting market preferences and whether Ethereum ETFs might continue to gain ground in the coming months.
As Bitcoin ETFs navigate this challenging period, their future performance will largely depend on investor confidence and broader market conditions. Meanwhile, Ethereum funds, though still trailing, have shown resilience and may be poised to capture a larger share of the ETF market if this trend persists.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist