Spot Bitcoin ETFs in the U.S. have recorded net outflows of $71.07 million on February 19, marking the second consecutive day of withdrawals driven by regulatory delays and geopolitical tensions such as U.S.-China tariff disputes. Data from SoSoValue indicates that most withdrawals originated from Fidelity’s FBTC, amounting to $48.39 million, followed by Valkyrie’s BRRR with $9.27 million.

Notably, BlackRock’s IBIT, the largest Bitcoin ETF by net assets, did not experience any outflows. This trend reflects a cautious sentiment among investors amidst market consolidation.

Spot Bitcoin ETF Trading Volumes Drop to $2.05 Billion

Trading volumes for these ETFs have seen a decline, with daily activity dropping to $2.05 billion on February 19 from $2.83 billion the previous day. While Bitcoin-focused funds see outflows, Ethereum spot ETFs recorded substantial inflows, primarily due to Fidelity’s FETH, which garnered $24.47 million.

However, Grayscale’s ETHE led to $5.45 million in outflows, while others remained stable. The overall market sentiment has been impacted by Bitcoin’s dip below $95,000, extending a downward trend since its peak at $109,200 last month.

Bitcoin Could Dip to $77K Without Ending Bull Market, Says CryptoQuant CEO

According to Ki Young Ju, CEO of CryptoQuant, Bitcoin could fall to $77,000 without compromising its bull market. On February 19, Ki pointed out that the current price movements should not be mistaken for the beginning of a bear market. Despite not surpassing the $100,000 mark, Bitcoin remains bullish, trading around $96,300.

Key support levels have been highlighted: $89,000 and $57,000, which are essential to monitor. These levels show the average entry price for U.S. spot Bitcoin ETF investors and the breakeven point for miners, respectively. Ki’s analysis suggests that a drop is common in typical bull market pullbacks and could reinforce long-term support.