Bitcoin ETFs See $1.28 Billion Outflow in Single Week, Reversing Year-to-Date Gains

US Spot Bitcoin ETFs See Worst Week Since June, Turn Negative for the Year

U.S. spot Bitcoin ETFs experienced a net outflow of $1.28 billion last week, marking their worst performance since late June and pushing year-to-date fund flows into negative territory with a cumulative net outflow of $914.1 million.

Weekly Outflows Deepen

The 12 U.S. spot Bitcoin ETFs collectively saw net outflows totaling $1.28 billion last week, the worst single week since the end of June and ranking seventh for weekly outflows since their launch in January 2024. Data from SoSoValue indicates this is the second consecutive week of outflows, pushing the year-to-date fund flows for these products into the red.

Daily figures reveal that only Wednesday saw net inflows. Monday recorded outflows of $398.6 million, followed by $115.6 million on Tuesday. Wednesday saw a reversal with net inflows of $74.6 million, but outflows resumed on Thursday at $430.2 million and continued on Friday with $411.9 million. Four out of five trading days experienced outflows, a significant increase from the $202.6 million outflow recorded the previous week.

Year-to-Date Flows Turn Negative

The most immediate consequence of this outflow trend is that Bitcoin ETFs have now shifted from net inflows to net outflows for the year. Prior to last week, the 12 funds had accumulated approximately $368 million in net inflows for 2024, a positive balance that had only recently been regained in late September. Monday’s redemptions pushed this figure below zero, and by the close of trading on Friday, the cumulative net outflow for the year reached $914.1 million.

The total value of holdings decreased by 2.3% week-over-week to $95.9 billion, representing approximately 6.3% of Bitcoin’s total market capitalization. The leading ETF, IBIT, holds $60.3 billion in net assets. Compared to its cumulative inflows of $65.1 billion since inception, the fund’s size is now approximately $4.8 billion less than its total inflows, reflecting unrealized losses due to declining holding prices.

Historical Context of Outflows

Looking at a longer timeframe provides a starker comparison. The previous worst week concluded on June 26, with outflows of $1.79 billion, making it the second-worst week since these funds began trading. The week ending in late October saw outflows of “only” $202.6 million, but Friday of that week alone accounted for the largest single-day outflow in four months at $643.3 million, occurring amidst market volatility following the Binance hack.

Ether and Solana ETFs Also Face Pressure

Spot Ether ETFs experienced net outflows of $365.3 million last week, marking six consecutive weeks of outflows and a cumulative withdrawal of approximately $2.02 billion since late September. According to SoSoValue’s Ether ETF statistics, these funds have previously recorded two instances of eight consecutive weeks of outflows, the most recent being in early July. This means they are on track to match that record if outflows continue for another two weeks.

Solana spot ETFs saw outflows of $26.3 million last week, almost entirely concentrated on Friday. This marks five consecutive weeks of net outflows, the longest streak since their launch in October 2025, with a cumulative loss of $165.4 million over the five weeks. This outflow trend began the week after they ended a record 14-week streak of net inflows.

According to Solana ETF fund statistics, Bitwise’s BSOL saw outflows of $14.4 million on Friday, and Grayscale’s GSOL had $5.4 million in outflows. Net assets decreased from $1.4 billion the previous week to $1.31 billion. However, these funds still maintain a year-to-date net inflow of $676.2 million.

Midterm Election Impact and Market Sentiment

The catalyst for these outflows appears to be linked to the midterm elections. Following the Democratic sweep of Congress on Tuesday, market sentiment began to question the sustainability of AI capital expenditures, leading to both stocks and cryptocurrencies being treated as part of a broader risk-off trade. Analysts specifically pointed to Texas turning blue, which could slow down regulatory and energy policies in a state with a high density of mining operations and data centers. This is also why mining companies and computing power-related stocks saw steeper declines than the price of Bitcoin.

ETF Flows as a Market Indicator

Placing these figures in the context of the year, Bitcoin ETF annual net inflows only turned positive in late September and held that position for approximately six weeks before reverting to negative territory. This suggests that ETF buying pressure has not established a sustained marginal buyer base. When prices weaken, ETFs have become one of the quickest channels for capital withdrawal due to their high liquidity, transparent holdings, and low fees.