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All major custodial funds like Grayscale’s GBTC, Fidelity’s FBTC, BlackRock’s IBIT, and the rest of the pack posted losses. Here is the complete breakdown of the ETF situation:
A wave of selling swept through Bitcoin ETFs, driven by massive outflows. GBTC led the charge, losing a whopping $318.2 million. BlackRock’s IBIT was close behind, with investors withdrawing $256.6 million, and Fidelity’s FBTC saw $119.9 million leave the fund. In fact, nearly all major Bitcoin ETFs—including offerings from Ark/21Shares, Bitwise, VanEck, Invesco, Valkyrie, and Franklin Templeton—experienced net outflows.
The outflows have outpaced the inflows for the last 30 days, and that is a worrying sign for the bullish cause. Total Assets Under Management have fallen below $60 billion, partly due to net outflows and partly due to the sudden drop in the digital currency’s price index.
Institutional Researchers Defiant
However, institutional investors thought that demand would remain strong.
 
“This flow weighs on short-term momentum but doesn’t dent the broader structural demand. These bleed-outs align with oversold conditions, opening doors for long-term opportunists.”, said Vincent Liu, the Chief Investment Officer (CIO) of Kronos Research.
Others were less upbeat and described the deterioration of the macro market sentiment.
“Investors are pulling capital from higher-beta assets and rotating into safety, reflecting uncertainty around the Fed’s path and deteriorating macro sentiment”, stated Min Jung, a research associate of Presto Research.
The Future
Bitcoin is currently trading around the $96k level, following its bearish drop below $100k. This is the second time the major digital asset has dropped below the crucial support level this month, and this time, no swift pullback has been witnessed, encouraging the bearish setup.
Institutional ETF investors have sensed the gloomy situation and are looking to withdraw massive amounts from their portfolios. While most of them are still invested in the premier digital asset, the fact remains that they aren’t ready to bet heavily on a risky asset right now, as the market has yet to establish a solid floor.
The end of 2025 is expected to be interesting in that regard. A late price reversal could change the game entirely.
