Spot Bitcoin ETFs in the U.S. experienced $71.07 million in net outflows on February 19, marking the second consecutive day of withdrawals amid regulatory delays and ongoing geopolitical tensions, including U.S.-China tariff disputes.
Data from SoSoValue shows that the majority of the withdrawals came from Fidelity’s FBTC, which lost $48.39 million. Valkyrie’s BRRR followed with $9.27 million in redemptions, while ARK 21Shares’ ARKB and VanEck’s HODL saw outflows of $8.65 million and $4.77 million, respectively.
Notably, BlackRock’s IBIT, the largest Bitcoin ETF by net assets, recorded no flow activity during the period. The outflows highlight investors’ cautious stance as the crypto market remains in a consolidation phase.
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Spot Bitcoin ETF Trading Volumes Drop to $2.05 Billion
Trading volumes for these products dipped, with daily activity reaching $2.05 billion on February 19, down from $2.83 billion the previous day.
Despite the outflows in Bitcoin-focused funds, Ethereum spot ETFs saw inflows triple to $19.02 million, driven entirely by Fidelity’s FETH, which added $24.47 million.
However, Grayscale’s ETHE offset some of those gains with $5.45 million in redemptions, while other Ethereum ETFs remained flat.
The broader market sentiment has been affected by Bitcoin’s recent dip below $95,000, extending a downward trend that began after it peaked at an all-time high of $109,200 last month.
Market analysts attribute the decline to profit-taking by short-term investors, geopolitical uncertainties, and diminishing expectations that a potential Trump administration will establish a U.S. Strategic Bitcoin Reserve.
Despite the bearish sentiment, Bitcoin managed a slight rebound, climbing 1.6% to $97,122 at press time. Ethereum also saw a 1.4% increase, trading at $2,729 per coin.
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Bitcoin Could Dip to $77K Without Ending Bull Market, Says CryptoQuant CEO
Bitcoin may experience a drop to $77,000 without jeopardizing its ongoing bull market, according to Ki Young Ju, CEO of CryptoQuant. In a series of posts on February 19, Ki emphasized that Bitcoin’s recent sideways price action should not be confused with the onset of a bear market.
#Bitcoin Cost Basis at $95K:
• ETFs/Custody Wallets: $89K
• Binance Traders: $59K
• Mining Companies: $57K – Falling below this level in past downturns (May 2022, March 2020, November 2018) confirmed a bear market.
• Old Whales: $25K – Never breached historically. pic.twitter.com/QlfUx8bO08
— Ki Young Ju (@ki_young_ju) February 19, 2025
Despite failing to break the $100,000 mark, Bitcoin remains in a bull cycle, currently trading at approximately $96,300. Ki suggested that even a 30% correction from a potential all-time high of $110,000 would be typical of historical bull market pullbacks and could solidify long-term support.
Ki highlighted several key support levels based on cost bases of various Bitcoin market participants. U.S. spot Bitcoin ETF investors have an average entry price around $89,000, acting as a significant support zone since November.
Meanwhile, Binance traders hold a breakeven price near $59,000. Ki also noted the importance of the mining breakeven level at $57,000, warning that falling below this point has historically triggered bear markets, as seen during downturns in May 2022, March 2020, and November 2018.
Despite these potential dips, Ki remains optimistic about Bitcoin’s long-term trajectory. Other analysts have also said that BTC’s future direction hinges on whether it can break out of the tightening range, with a close above $98,000 potentially flipping market sentiment bullish.
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Key Takeaways
- Spot Bitcoin ETFs saw $71.07 million in outflows on February 19.
- This marks the second consecutive day of withdrawals amid geopolitical tensions.
- Bitcoin may dip to $77,000 without ending its bull market, with key support levels at $89,000 and $57,000, according to CryptoQuant’s CEO.
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