Over the past 30 days a net $180 million has flowed out of U.S. spot bitcoin (BTC) ETFs, among the highest rates of withdrawals since they started trading at the beginning of 2024.
The ETFs have disappointed in 2025, with sluggish inflows largely driven by bitcoin’s weak price performance, which is down roughly 10%. While there has been a brief uptick over the past five days — bringing in some $700 million in net inflows — total net inflows since startup now stand at $36.1 billion, according to Farside data.
There are two main drivers for the past month’s exit: heightened volatility in the price of bitcoin and the unwinding of what’s known as the basis trade.
The bitcoin price has been particularly volatile this year, shooting up to a record $109,000 in January at the start of President Donald Trump’s administration in anticipation of a crypto-friendly regulatory environment and then tumbling to as low as $76,000 at the…
