U.S. spot Bitcoin ETFs record $104.9M in net outflows as volume plunges

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U.S. spot Bitcoin ETFs record outflows

Highlights

U.S. spot Bitcoin ETFs saw $104.9M in outflows as trading volume collapsed, signaling weaker conviction near $68K.
A mysterious $436M IBIT purchase sparked speculation about early Chinese institutional capital entering via ETFs.
Institutions are split, with Mubadala adding while Brevan Howard and Goldman Sachs sharply reduced exposure.

Total trading volume across the products fell to just over $3 billion, down nearly 80% from the $14.7 billion peak recorded on Feb. 5, according to SoSoValue.

The decline in activity reflects a broader cooling in market momentum as Bitcoin trades near $67,870. Recent sessions have been characterized by reduced participation and cautious positioning from investors. While outflows remain modest compared to prior sell-offs, the drop in volume suggests fading short-term conviction. The shift comes as institutions continue to disclose fourth-quarter 2025 ETF holdings.

New IBIT entrants spark speculation over Chinese capital

Among the most notable Q4 disclosures was Jane Street, which ranked as the second-largest buyer of BlackRock’s iShares Bitcoin Trust (IBIT), adding $276 million worth of shares. A lesser-known Hong Kong-based entity, Laurore, reported a $436.2 million single purchase of IBIT, drawing attention from market observers. Bitwise Investments advisor Jeff Park suggested the filing could hint at early institutional Chinese capital entering Bitcoin markets.

He noted the company has no visible public footprint, and the only disclosed name tied to the filing was Zhang Hui. Park speculated the position may relate to capital flight dynamics, though some commentators questioned why such capital would enter via an ETF rather than direct Bitcoin purchases. The lack of transparency around the entity has fueled debate rather than firm conclusions.

Major institutions rebalance IBIT exposure

Other institutional players also adjusted their IBIT positions during the fourth quarter. Weiss Asset Management added approximately 2.8 million shares valued at $107.5 million, while 59 North Capital increased its stake by about $99.8 million. Abu Dhabi’s Mubadala Investment Company expanded its holdings by 45%, lifting its position to 12.7 million shares worth $630.7 million. In contrast, Brevan Howard sharply reduced its IBIT exposure by roughly 85%, cutting its stake from $2.4 billion in Q3 to about $273.5 million in Q4.

Goldman Sachs also trimmed its position by around 40%, though it still retains approximately $1 billion in IBIT assets. The mixed positioning underscores diverging institutional strategies as Bitcoin ETFs navigate a period of weaker flows and subdued trading activity.

Recently we wrote that the crypto market eased slightly, with total capitalization dipping to around $2.33 trillion, down 0.57% over the past 24 hours as risk appetite remained fragile.

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