TheBlock
U.S. spot bitcoin ETFs logged $227 million in net outflows last week, extending a negative flow streak to six consecutive weeks, the longest sustained redemption window since the products launched in January 2024. CoinEx analyst Jeff Ko said the selling wave appears to be largely exhausting itself, framing the move as a positioning unwind rather than a structural exit.
Why it matters
A six-week streak resets the average holder base. Every consecutive week of net redemptions pulls marginal demand out of the bid and raises the bar for the next inflow rotation to land. The framing from Ko matters because it puts a sell-side read on the tape at exactly the moment short-term holders are most likely to capitulate: if the heaviest sellers are already out, the marginal flow from here is the only thing that sets the next leg.
Market impact
The exhaustion read points to a flow regime change rather than a fresh leg lower. The next inflow day will be the first real test of whether institutional buyers are willing to step back in at current levels, or whether the bid needs lower prices first. For now, the tape is still in the hands of the sellers, but the streak's length is itself becoming a contrarian signal.
Frequently asked questions
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How long have spot bitcoin ETFs been in net outflows?
U.S. spot bitcoin ETFs have now logged six consecutive weeks of net outflows, the longest sustained redemption streak since the products launched in January 2024. Last week's print alone was $227 million in net redemptions.
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What did the CoinEx analyst say about the outflows?
CoinEx analyst Jeff Ko said the selling wave appears to be largely exhausting itself, framing the move as a positioning unwind rather than a structural exit from the asset class.
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Why does a six-week outflow streak matter?
Every consecutive week of net redemptions pulls marginal demand out of the bid and raises the bar for the next inflow rotation. It also resets the average holder base, which changes who the marginal buyer and seller are on future flow days.
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What would signal the outflow streak is ending?
A return to net positive flows on a weekly basis would be the first sign institutional buyers are willing to step back in at current levels. Ko's exhaustion read suggests the heaviest sellers may already be out, but a single inflow day has not yet confirmed the regime change.
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How much did spot bitcoin ETFs lose last week?
U.S. spot bitcoin ETFs saw $227 million in net outflows during the most recent reporting week, extending the negative flow streak to six consecutive weeks.
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