Bitcoin spot ETFs have seen net outflows for five consecutive weeks, with a cumulative withdrawal of $3.8 billion.

On February 22, the US Bitcoin spot ETF recorded net outflows for the fifth consecutive week, accumulating approximately $3.8 billion in outflows. The most recent week saw net redemptions of $315.9 million, with the largest single-week outflow of $1.49 billion occurring in the week of January 30. Although there were some net inflows on individual trading days (such as approximately $88 million last Friday), these were insufficient to offset the large redemptions of previous trading days. Since its launch, the Bitcoin spot ETF has accumulated net inflows of nearly $54.01 billion, with total net assets of approximately $85.31 billion, representing about 6.3% of Bitcoin's total market capitalization. Market analysts believe that this round of outflows reflects more of a phase of risk-averse risk management and portfolio rebalancing by institutions, rather than a structural abandonment of crypto assets. Affected by geopolitical risks, trade frictions, and escalating macroeconomic uncertainties, overall market risk appetite has declined, and ETF fund flows are highly correlated with macroeconomic variables such as Federal Reserve policy expectations and US employment data. Meanwhile, Ethereum spot ETFs have seen net outflows for five consecutive weeks, with a net outflow of approximately $123.4 million in the most recent week. Analysts point out that the simultaneous pressure on both Bitcoin and Ethereum products indicates that the capital outflows are more likely due to a contraction in overall digital asset allocation, rather than a problem with a single asset. Industry experts believe that if subsequent US macroeconomic data weakens and strengthens market expectations for interest rate cuts, digital asset ETFs may see a return of funds; until then, institutional funds will likely continue to control risk exposure.