Bitcoin ETF Inflows Hit $166M as IBIT ETF Stabilizes Near $60B and BTC-USD Stays Below $68K

Bitcoin ETF inflows and the BTC-USD reset around $67,000

Spot Bitcoin ETF flows turn positive while BTC-USD trades below recent highs

US spot Bitcoin ETFs have quietly flipped back to net inflows even as BTC-USD trades well below recent peaks. After three consecutive weeks of outflows that drained more than $3 billion from spot products, funds have now added about $166.6 million in a single session and roughly $311.6 million so far this week, almost fully offsetting last week’s $318 million in redemptions. That reversal is happening while Bitcoin trades around $67,000–$68,000, roughly 13% lower over seven days and after a move down from a short-lived rebound above $70,000–$71,000. The message from the tape is clear: fresh capital is stepping in through ETFs during price weakness, not after a full recovery, which points to accumulation into volatility rather than momentum chasing at the highs.

IBIT and the structure of Bitcoin ETF ownership

Beneath the headline flows, BlackRock’s iShares Bitcoin Trust (IBIT) still anchors the entire ETF complex. During the latest drawdown, IBIT’s assets under management fell from roughly $100 billion at the peak to about $60 billion, yet it remains one of the largest single-asset ETFs ever built and still holds the record for the fastest run to $60 billion in assets. Importantly, data from ETF desks shows that only around 6% of total Bitcoin ETF assets have actually exited during this correction. Most holders have kept positions in place despite the pullback and high intraday volatility. That structure matters for BTC-USD because a large, relatively stable AUM base in IBIT and its peers acts as a persistent demand pool, with marginal flows amplifying moves instead of driving the entire trend by themselves.

How Goldman’s shift frames Bitcoin ETF risk and opportunity

Recent regulatory filings from Goldman Sachs give a precise snapshot of how large institutions are repositioning within the crypto ETF universe. In Q4 2025 the bank cut its exposure to IBIT by roughly 35–40%, bringing its share count down into the 20–40 million range, with the remaining position still worth around $1–2 billion at quarter-end prices. At the same time, Goldman scaled back positions in other Bitcoin-linked products such as Fidelity’s Wise Origin Bitcoin ETF and smaller BTC vehicles. The reduction is not a wholesale exit from Bitcoin, but a recalibration of the size of the ETF sleeve. In parallel, Goldman disclosed first-time positions in XRP and Solana ETFs, purchasing about 6.95 million XRP ETF shares valued near $152 million and roughly 8.24 million Solana ETF shares worth around $104 million. That shift shows how large balance sheets are moving from a heavy concentration in Bitcoin ETFs toward a more diversified basket of liquid crypto exposures while still retaining substantial BTC-linked assets.

Why futures basis compression slowed inflows before the rebound

The change in ETF behavior is tied directly to the derivatives market. At launch, the futures basis — the spread between Bitcoin futures and spot — was wide enough to support a very profitable cash-and-carry trade. Funds could buy spot or ETFs, short futures and lock in high annualized returns, generating mechanical inflows into products like IBIT. As volatility and macro conditions evolved, that basis compressed sharply, cutting the yield on the trade. Research from desks such as Matrixport highlighted that the slowing of ETF inflows was largely a function of this narrowing basis, not a complete collapse in appetite for BTC-USD. With the spread tighter, basis-driven demand for ETF shares shrank, and the marginal buyer became more discretionary and more price-sensitive. The recent return to $145–$166.6 million single-day inflows against a backdrop of compressed basis shows that the latest leg of demand is not purely arbitrage capital; it is unlevered money choosing to add exposure into a drawdown.

Liquidations, extreme fear and the role of ETFs as a shock absorber

Sentiment indicators confirm that the environment is still stressed. The Crypto Fear & Greed Index sits near 9, deep in “extreme fear,” reflecting how aggressively the market has repriced risk after Bitcoin’s slide from the mid-$70,000s to lows around $60,000. Derivatives data shows approximately $425 million in liquidations in a single 24-hour window, with around $284 million coming from long positions and $141 million from shorts. At the same time, on-chain and exchange metrics highlight large transfers of BTC from venues like Binance into derivatives platforms, with one data point flagging about 7,000 BTC shifting in a day and a 7-day moving average near 3,200 BTC, the highest since early 2024. That is the footprint of leverage being reset. Against that backdrop, spot Bitcoin ETFs have managed three to four consecutive days of net inflows, absorbing coins while futures markets flush out overextended positioning. The net effect is that ETFs function as a buffer, gradually moving supply from leveraged hands into regulated, unlevered vehicles during periods of forced selling.

Macro cross-currents: rate cuts, data risk and ETF behavior

The macro backdrop frames how far ETF inflows can carry BTC-USD in the near term. Two immediate catalysts dominate the schedule: a delayed January US Nonfarm Payrolls report with expectations around 70,000 jobs and unemployment near 4.4%, and a US CPI release that will feed directly into rate expectations. Current pricing points to the Federal Reserve holding rates steady until at least June after three cuts in late 2025. Historically, a path toward lower policy rates and cheaper funding supported Bitcoin and other risk assets by reducing the opportunity cost of holding non-yielding exposures. This cycle has not followed that template. Even with cuts already delivered, BTC-USD has not broken out to new highs but instead has traded in a volatile band between $60,000 and the low $70,000s. The disconnect reflects other forces: tighter global liquidity conditions, more selective institutional participation and fatigue across speculative pockets that ran hot in prior months. For ETF flows, this means the macro environment is supportive but not decisive; positive net inflows can accompany a drifting or choppy price tape rather than an automatic surge higher.

What the flow pattern really signals for BTC-USD direction

When spot ETF flows, derivatives positioning and macro drivers are viewed together, a consistent picture emerges. On the price side, BTC-USD has dropped about 13–15% over the last week and remains down roughly 15% for February, despite multiple rebound attempts. On the flows side, the market has transitioned from more than $3 billion of net outflows over three weeks to roughly $311.6 million of inflows in the current week and daily prints above $145 million. Structural ownership remains sticky, with only around 6% of ETF assets walking out the door during the drawdown. Derivatives markets, not ETFs, have borne the brunt of the adjustment, as shown by hundreds of millions of dollars in long liquidations and elevated transfers into futures venues. Institutions such as Goldman have reduced the size of IBIT positions but kept meaningful exposure, reallocating some capital into XRP and Solana ETFs rather than abandoning the segment. Taken together, these elements indicate that spot ETFs are no longer a one-way accelerator higher, but they also are not acting as a structural headwind. They are a stabilizing channel soaking up supply when leveraged selling peaks.

Positioning view on Bitcoin ETF exposure after the reset

At current levels around $67,000 for BTC-USD, with spot ETFs rebuilding inflows and leverage being reduced, the risk profile is asymmetrical. On the downside, weaker macro data or a fresh wave of de-risking could drive a retest of the $60,000 area or even lower, especially if derivatives positioning rebuilds too quickly and another round of long liquidations hits the tape. On the upside, a combination of continued net inflows into IBIT and peers, a calmer macro tape around NFP and CPI, and reduced selling from US-based accounts can carry Bitcoin back toward the $70,000–$75,000 band without requiring full-scale euphoria. The critical facts are that spot ETFs have returned to positive net flows, the majority of capital that entered since launch remains invested, IBIT is still a $60 billion-plus vehicle even after a sharp drawdown, and the market clean-out has been concentrated in leverage rather than in the underlying ETF base. Under those conditions, exposure to BTC-USD via spot ETFs aligns more with a buy-on-weakness and accumulate stance than with an exit, while recognizing that swings of 15–25% remain part of the normal volatility range for this asset and must be reflected in position sizing and risk controls.

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