BlackRock’s iShares Bitcoin Trust (IBIT) has become a key drag on US spot Bitcoin ETF flows, with the fund logging more than $2 billion in net outflows across nine straight trading sessions through Wednesday. The latest day’s activity highlights how quickly investor sentiment can shift inside the ETF complex—outflows continued even as broader equities tried to stabilize.

According to Farside Investors data, investors withdrew a net $269.7 million from IBIT on Wednesday. That figure represented roughly 90% of the day’s total $300 million in net withdrawals across US spot Bitcoin ETFs. Other funds showed a more mixed picture: Grayscale’s Bitcoin Trust ETF (GBTC) recorded $39.1 million in net withdrawals, while the Morgan Stanley Bitcoin Trust ETF (MSBT) saw $9 million in net inflows.

Key takeaways

IBIT drove the majority of Wednesday’s US spot Bitcoin ETF outflows, accounting for about 90% of total withdrawals.
US spot Bitcoin ETFs recorded nearly $1.44 billion in net outflows over five consecutive sessions.
Outflows have not yet translated into a confirmed market bottom, despite signs of cooling demand.
Analysts at Bitfinex and Laser Digital pointed to weak spot demand and leveraged liquidations as ongoing pressure points.

IBIT outflows extend, with the market still absorbing selling

The pattern matters more than the headline number. IBIT’s nine-session outflow streak—totaling more than $2 billion—signals persistent, institutional-style rebalancing rather than a one-day reaction. On Wednesday specifically, net outflows of $269.7 million were large enough to dominate overall ETF flow direction for the day.

Across the broader ETF lineup, Wednesday’s totals remained firmly negative. Farside Investors data show that US spot Bitcoin ETFs collectively withdrew about $300 million, even as some individual products bucked the trend. GBTC’s $39.1 million outflow suggests that the selling pressure wasn’t confined to a single issuer, while MSBT’s modest $9 million net inflow underscores that flows can diverge between products without changing the overall market narrative.

More broadly, US spot Bitcoin ETFs have now posted nearly $1.44 billion in net withdrawals over five straight sessions. Importantly, Wednesday’s continuation of the outflow trend came after a brief improvement: the day’s increase followed three sessions of easing outflows, according to prior reporting from Cointelegraph. That sequence—some stabilization, followed by renewed withdrawals—suggests investor caution is still outweighing any early dip-buying impulse.

From easing outflows to renewed pressure

ETF flows often act as a real-time proxy for how capital is positioning itself. When outflows persist, they can increase the selling pressure on underlying demand for spot exposure, even if prices temporarily hold due to other buyers.

Cointelegraph previously noted that outflows had eased across three sessions before Wednesday’s activity. The new data show the market hasn’t yet transitioned into a consistent inflow regime. Instead, the renewed negative day after a partial cooldown reinforces the idea that the ETF market is still seeking a clearer reason to rotate back into accumulation.

Traders and risk managers are also paying attention to what happens after ETF-driven pressure shows up in price action. If outflows continue, they can sustain a headwind for rebounds—especially in a market where liquidity is being shaped by leverage.

Industry commentary: “possible floor” signals, but not enough yet

Bitfinex’s commentary on Wednesday argued that slowing ETF outflows could be an early ingredient in forming a market floor. However, the exchange stressed that reduced outflow velocity alone isn’t sufficient to confirm a recovery.

Bitfinex’s analysis drew on historical patterns from “outflow streaks” earlier this year. In those episodes, Bitcoin’s median performance after streaks ended with at least three consecutive sessions of net inflows showed a rebound: Bitcoin gained a median 6.4% over 10 trading sessions following those endings. The takeaway for investors is straightforward: what matters is not merely whether outflows slow, but whether the market transitions into a sustained inflow sequence.

That distinction is especially relevant now. The ETF stream described in the data is still heavily weighted toward outflows, meaning the “streak ended with inflows” condition Bitfinex highlighted does not appear to have been met yet.

Derivatives stress points: weak spot demand, Coinbase premium, and liquidations

While ETF flows provide a macro signal, derivatives markets can reveal how positioning is unfolding beneath the surface. In a note shared with Cointelegraph on Wednesday, Laser Digital’s derivatives desk pointed to several factors contributing to ongoing weakness.

The desk highlighted weak spot demand, a persistently negative Coinbase premium, and large liquidations of leveraged long positions. In practical terms, those elements suggest that the market’s downside pressure has been amplified by leverage: long positions that are “in the money” during a rally can become vulnerable quickly once momentum fades, triggering cascades that can worsen price declines.

Laser Digital also observed that Bitcoin barely rose during Monday’s rebound in the Nasdaq, which gained almost 3%. The implication is that Bitcoin’s correlation to broad risk appetite may not be providing the immediate support bulls typically hope for—at least not consistently during this phase.

As of the time of writing, Bitcoin traded near $73,000, down 8.5% over the past week, based on CoinGecko data. That price context matters because it frames how investors are evaluating ETF flows and derivatives stress in the same window: outflows remain dominant, while leverage-related liquidations indicate market participants are still being forced to reduce risk.

What to watch next as flows and leverage interact

For readers tracking the next inflection, the most important signal will be whether US spot Bitcoin ETFs can shift from continued outflows to a sustained inflow streak—especially across products like IBIT that currently set the tone. At the same time, pay attention to derivatives conditions: a decline in long liquidations and improvement in spot demand indicators would suggest pressure is easing, but the market’s ability to convert that into durable price strength will depend on whether inflows follow through.