Bitcoin ETF experiences five consecutive weeks of outflows totaling $3.8 billion, setting a record! IBIT is being redeemed aggressively for $2.1 billion. Is institutional confidence collapsing?

U.S. Bitcoin Spot ETFs have experienced net outflows for five consecutive weeks, totaling nearly $3.8 billion, marking the longest continuous redemption record since February 2025. Among them, BlackRock’s iShares Bitcoin Trust (IBIT) alone accounts for $2.13 billion of the outflows. Under the triple pressures of U.S.-Iran tensions, Trump’s global tariffs, and technical weakness, institutional investors are accelerating their withdrawals.
(Background: Bitcoin has fallen 23% in the first 50 trading days of this year, marking its worst start in history)
(Additional context: Why did Bitcoin reach $103,000? This week’s billion-dollar liquidations triggered a massive ETF fund outflow)

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• IBIT accounts for over half of the outflows
• Three major bearish factors converge
• Historical comparison: Lessons from 2025

U.S. Bitcoin spot ETFs have been net outflows for five weeks in a row, with total withdrawals approaching $3.8 billion, setting the longest streak since February 2025. Just last week, approximately $316 million was pulled from these ETFs. As of the report, Bitcoin is trading around $64,977, down about 5% in the past 24 hours.

IBIT accounts for over half of the outflows

Among all Bitcoin spot ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) has suffered the heaviest damage, with net outflows reaching $2.13 billion over five weeks, accounting for more than 56% of the total outflows. For IBIT, which was hailed as “the most successful ETF launch in history” and raised over $50 billion in its first year, this is undoubtedly a warning sign.

The report indicates that this ongoing capital outflow reflects institutional caution following the crash in October last year, when exchange risks exposed Bitcoin’s vulnerabilities. This event continues to influence institutional investors’ risk appetite today.

Three major bearish factors converge

The ETF outflows may be driven by three pressures:

• Geopolitical risks: Rising tensions between the U.S. and Iran have heightened market risk aversion.
• Tariff policy impacts: President Trump’s latest global tariff announcements have increased market uncertainty.
• Technical weakness: Technical indicators on Bitcoin’s price charts have weakened, further dampening buying interest.

Historical comparison: Lessons from 2025

It’s worth noting that similar consecutive outflow records occurred in February 2025, but the scale was even more severe—about $5 billion was redeemed over five weeks. What’s more concerning is that after that wave of outflows, Bitcoin briefly dropped to $75,000 in early April.

If history repeats itself, the current $3.8 billion outflow could just be the prelude, and larger corrections may follow, which will be closely watched by the market.

However, some analysts hold a different view. Previously, JPMorgan pointed out that Bitcoin’s risk-adjusted attractiveness surpasses gold, with long-term explosive potential not to be underestimated. Short-term ETF fund flows do not necessarily reflect the true stance of long-term institutional investors; some outflows may be tactical adjustments by hedge funds rather than fundamental shifts.