Institutional demand for Bitcoin appears to be calming down after a good start to the month.
Investors withdrew a total of $171.12 million from 11 U.S.-listed bitcoin spot exchange-traded funds on Thursday, marking the largest one-day outflow in just over three weeks, according to SoSoValue data. BlackRock’s IBIT saw outflows of $41.92 million, while funds such as FBTC, GBTC, BITB and ARKB each saw withdrawals of between $20 million and $30 million.
The recent decline follows a period of massive inflows, with these funds attracting more than $2 billion between the end of February and the middle of the month. Since then, momentum has slowed, with just $95.8 million in inflows last week and net outflows of $70.71 million so far this week.
Moderating flows could indicate a pause in institutional accumulation as investors take a more measured approach to these ETFs. Launched in January 2024, the funds allow market participants to gain exposure to bitcoin without requiring direct ownership.
The slowdown in demand raises questions about how long bitcoin can maintain resilience near $70,000 amid broader macroeconomic shocks.
