Institutional demand for bitcoin appears to be cooling after a strong start to the month.
On Thursday, investors withdrew a combined $171.12 million from the 11 U.S.-listed spot bitcoin exchange-traded funds, marking the largest single-day outflow in just over three weeks, according to data from SoSoValue.
BlackRock’s IBIT saw $41.92 million in outflows, while funds such as FBTC, GBTC, BITB and ARKB each recorded withdrawals in the $20 million to $30 million range.
The recent pullback follows a period of robust inflows, with these funds attracting more than $2 billion between late February and mid-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.
The moderation in flows may point to a pause in institutional accumulation, with investors adopting a more measured approach to these ETFs. Launched in January 2024, the funds allow market participants to take 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.