Bitcoin ETF Outflows Hit $77M as IBIT ETF Adds $76M and BTC-USD Stalls at $90K

Bitcoin ETF Flows And BTC-USD Price At A Turning Point

Daily Outflows Versus A $57.85 B Cumulative Inflow Machine

Bitcoin spot ETFs hold around $119.9 B in net assets, roughly 6.5% of the total BTC-USD market cap, backed by cumulative net inflows of about $57.85 B. That structural base is intact, but the short-term flow picture has flipped: the latest daily print shows roughly $77–78 M in net outflows across US spot funds, after a +$223 M inflow just one session earlier. This shift confirms that the ETF bid is no longer a one-way trade. It’s now a two-sided market where redemptions can offset creation on any given day, and where ETF flow has turned from a pure upside driver into a volatility amplifier around $90 K–$95 K BTC-USD.

IBIT ETF: BlackRock Still The Anchor Buyer In A Choppy Tape

IBIT (NASDAQ:IBIT) remains the dominant liquidity engine in the Bitcoin ETF complex even on a “bad” flow day. While the aggregate complex lost about $77–78 M, IBIT alone added roughly $75–77 M in net inflows. Cumulative net inflows into IBIT are around $62.7 B and the fund now sits on roughly 3.9% of the entire BTC supply via its holdings. Price-wise, IBIT trades near $51–52 per share, well off its 52-week high of $71.82 but comfortably above the $43 floor, with the 200-day band acting as the medium-term sentiment line. Even so, week-over-week, IBIT has seen a modest reduction in units outstanding (about $229 M worth), confirming that even the flagship product is seeing more active recycling of capital rather than relentless net buying.

FBTC And Legacy Products: Strong Redemptions Signal Institutional De-Risking

Fidelity’s FBTC is the exact mirror image of IBIT in the current print. One session delivered roughly –$103–104 M in net outflows, more than wiping out IBIT’s positive contribution and driving the aggregate –$77 M figure. Cumulative inflows into FBTC still sit around $12.2 B, but its market-share footprint is only about 1% of BTC’s capitalization. The combination of a shrinking share and heavy single-day redemptions signals that some institutional accounts are using FBTC as a primary de-risking vehicle. The same pattern shows up across the older and structurally weaker products: GBTC booked about –$12.2 M in outflows and has seen a cumulative net reduction of roughly $25.1 B since its conversion, while Grayscale’s mini BTC product lost another –$11 M with only about 0.24% market share left. ARKB shed roughly –$16 M, HODL around –$19 M. The message is clear: capital is rotating away from higher-fee or legacy structures and concentrating in a small cluster of low-cost, high-liquidity vehicles.

BITB, BRRR, EZBC, BTCW: Secondary Issuers Capture Tactical Dip-Buying

Below the IBIT–FBTC axis, a second tier of issuers continues to quietly add coins on negative days. BITB (Bitwise) recorded roughly +$8.8 M in net inflows and now manages about $2.3 B with a 0.24% slice of the BTC market. Smaller products like EZBC and BRRR showed modest positive premiums and small inflows, while BTCW added around $45 M despite its minimal market share. These flows are not large enough to change the headline net number, but they matter for market structure: they show that advisors and smaller institutions are still allocating through differentiated wrappers even as the big block flows are net negative.

Cross-Asset Rotation: Bitcoin ETFs Bleed As Solana And XRP Capture Flows

The ETF tape is no longer a Bitcoin-only story. On the same day that BTC products lost around $77 M and Ethereum ETFs saw about –$42 M in net outflows, Solana spot ETFs attracted roughly +$11 M in fresh capital and XRP spot ETFs extended their inflow streak to 19 consecutive sessions, adding about +$16 M and pushing cumulative XRP ETF inflows toward the $1 B mark. That rotation out of BTC-USD and ETH-USD exposure into SOL-USD and XRP-USD via regulated products tells you exactly how professional money is thinking: the structural “digital asset bucket” remains in place, but the incremental dollar is hunting relative performance rather than blindly averaging into Bitcoin at any price.

Macro And Derivatives Context: Options, Fed, And A $90K “Gravity Well”

BTC-USD currently trades in the low-$90Ks, roughly 29% below its October peak above $126 K and slightly negative year-to-date. The macro backdrop—three Fed cuts so far, a softer dollar, and wobbling AI-equity sentiment—should be supportive, but BTC has instead locked into a $88 K–$93 K range. A key reason: derivatives. Around 39,800 BTC options (about $3.7 B notional) are expiring near a max-pain zone around $90 K with a put-to-call ratio near 1.1. That structure naturally pulls spot toward $90 K into expiry and incentivizes market makers to lean against any breakout. As long as ETF flows are mixed and options positioning is heavy around that strike, every push above $94–95 K will meet systematic hedging pressure rather than momentum-driven follow-through.

Corporate Treasuries: The Second Leg Of Institutional Demand Is Fading

The ETF channel is only half of the institutional story. The other half—corporate treasuries—has clearly lost momentum. Only about nine companies have announced fresh BTC-USD treasury allocations this quarter versus roughly 53 in Q3, an 83% collapse in the headline pipeline. A few high-profile buyers are still active, deploying hundreds of millions of dollars, but they are now the exception rather than the trend. At the same time, more firms are approaching their risk limits as net-asset values swing and financing costs stay elevated. That raises a second-order risk: if BTC breaks lower, treasury-heavy names could be forced sellers to protect balance sheets or service debt, adding a reflexive downside layer on top of already-slowing ETF demand.

IBIT’s Strategic Role: What Its Flows Really Tell You About BTC-USD

Given this backdrop, IBIT’s flow profile is the cleanest institutional signal on the board. Daily prints of +$70–80 M on a net-outflow day confirm that a core cohort of asset allocators is still cost-averaging into BTC-USD at sub-$100 K levels through the lowest-fee, deepest-liquidity wrapper. At the same time, the week-over-week shrinkage in IBIT units shows that this demand is not unlimited; sophisticated accounts are trading around a core rather than building an open-ended structural position. For Bitcoin itself, that means IBIT is now a stabilizer, not a unilateral pump. When FBTC and the legacy products de-risk aggressively, IBIT inflows can soften the blow, but they no longer guarantee an automatic bid strong enough to drive BTC-USD into a fresh parabolic leg.

Net Assessment: Bitcoin ETF Flows Point To A Data-Dependent “Hold” Rather Than A Momentum “Buy”

Taking all of this together—the –$77–78 M daily net outflow, the still-huge $57.85 B cumulative inflow base, IBIT’s persistent but moderating bid, sharp redemptions from FBTC and GBTC, visible capital rotation into Solana and XRP ETFs, fading corporate-treasury enthusiasm, and a derivatives market pinning BTC-USD near $90 K—the message is straightforward. Bitcoin is no longer in an ETF-driven melt-up; it is in an institutionally-controlled trading range where flows can swing negative without breaking the long-term structural case. On a pure flow and positioning basis, that argues for a “Hold” stance on BTC-USD at current levels: upside is capped until ETF inflows re-accelerate and treasury demand returns, but downside is cushioned by the size and persistence of existing holdings in vehicles like IBIT. The next decisive move—either a clean break above $100 K or a deeper slide toward the mid-$70Ks—will be dictated by whether that $57.85 B ETF base starts compounding again or quietly erodes over the coming quarters.

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