What to know:
- Spot bitcoin ETFs saw $94.3 million in inflows on February 28, marking the end of an eight-day outflow streak.
- During these eight days, the 11 spot bitcoin ETFs trading in the U.S. faced outflows exceeding $3.2 billion.
- The price of bitcoin rebounded to $84,900 after reaching a low of $78,000 on February 28.
Spot bitcoin exchange-traded funds (ETFs) in the U.S. recorded inflows totaling $94.3 million on the last day of February, coinciding with the conclusion of the cryptocurrency’s most challenging month in three years. This surge of funds halted an eight-day trend of outflows where investors withdrew more than $3.2 billion from these investment vehicles as digital asset prices declined.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF by assets, faced significant outflows, totaling $244.6 million. Conversely, Fidelity’s FBTC successfully attracted $176 million from investors, while the ARK 21Shares Bitcoin ETF experienced the highest inflows, receiving $193.7 million, according to Farside Investors data.
The inflows corresponded with initial signs of market recovery after bitcoin’s price hit a low of $78,000 on February 28, trading now at approximately $84,900, reflecting a 1.6% increase over the last 24 hours, alongside a minor increase of 0.3% in the broader CoinDesk 20 Index.
Despite this rebound, bitcoin is down roughly 12% over the past week, and the broader crypto market, as represented by the CoinDesk 20 Index, has declined by 15.8%. Spot bitcoin ETFs have been undergoing significant outflows since February 14, when these funds last saw a positive influx of $66.2 million.
In contrast, spot ether ETFs continued to experience outflows on February 28, with $41.9 million exiting these funds, leading to a total of $357.5 million withdrawn since their last positive net flow.
This market recovery aligns with the White House’s recent announcement that U.S. President Donald Trump will be hosting a crypto summit on March 7, and following BlackRock’s addition of a 1% to 2% allocation of its spot bitcoin ETF into one of its model portfolios.
