U.S. spot Bitcoin ETFs record first day of net positive inflows after shedding $20 billion in overall value
Quick Take U.S.-based spot Bitcoin ETFs recorded their first day of net positive inflows on Friday after a net-outflow streak that lasted 8 trading days. During the streak, the overall value held by the ETFs dropped by over $20 billion, as a result of outflows and the price of Bitcoin falling. BlackRock’s IBIT, the largest such fund, continued its streak of net outflows, however, after it set a single-day outflow record on Wednesday.
U.S.-based spot Bitcoin ETFs broke their 8-trading-day streak of net outflows on Friday, adding $94 million worth of net inflows.
The inflows were led by Ark and 21Shares' ARKB fund, which netted $194 million in inflows, and Fidelity's FBTC, which netted $176 million in inflows.
However, the funds' gains were offset by continued outflows from BlackRock's IBIT fund, which set a single-day outflow record on Wednesday . IBIT saw net negative outflows over each of the past 5 trading days, shedding $244.5 million on Friday, bringing its total outflows to the week to $1.175 billion.
Despite the outflows, IBIT still has more than double the assets under management (AUM) of Fidelity's FBTC, the second-biggest such fund, according to The Block's data.
Overall, given the outflows and the recent declines in price of Bitcoin, the spot ETFs currently hold about $95 billion in overall value — about $20 billion less than their value on February 20, according to SoSoValue data .
"While Bitcoin trades relatively well within the digital asset complex, it is now caught up in the Solana meme coin-driven selloff and now the broader risk-off nature of markets," Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick said last week .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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