Data shows the Bitcoin spot exchange-traded funds (ETFs) have seen their monthly average netflows in the red zone for most of the last 90 days.
Both Bitcoin & Ethereum Spot ETFs Have Been Facing Outflows
As highlighted by on-chain analytics firm Glassnode in a new post on X, the 30-day simple moving average (SMA) netflows have continued to be in the negative zone for both Bitcoin and Ethereum spot ETFs.
Spot ETFs refer to investment vehicles that allow investors to gain exposure to an asset without having to directly own it. In the United States, funds tracking Bitcoin gained approval from the Securities and Exchange Commission (SEC) back in January 2024. Ethereum ETFs followed in July 2024.
The advantage of these vehicles is that traders can invest in the cryptocurrencies without dealing with any blockchain component like wallets and exchanges. Whenever an investor puts their capital into an ETF, the fund buys the equivalent amount of the cryptocurrency and custodies it on their behalf.
Some traditional investors were previously wary of the digital asset sector due to the unfamiliar blockchain infrastructure, but the ETFs removed that roadblock, bringing in fresh demand into the market from such traders.
While both Bitcoin and Ethereum funds have enjoyed net inflows for the majority of their lifespan, the trend has shifted recently. First, here is the chart for the US BTC spot ETF netflow shared by Glassnode that shows the trend in its 30-day SMA value over the last couple of years:
The value of the metric seems to have been negative in recent weeks | Source: Glassnode on X
As displayed in the above graph, the US Bitcoin spot ETFs have seen their 30-day SMA netflow sit inside the red zone for much of the last three months. The only time when the metric turned positive was during the price recovery surge in January.
The reason behind the outflows naturally lies in the price drawdown that the asset has faced inside this window. Ethereum has also seen a similarly bearish shift, and it’s reflected in the coin’s spot ETF netflow.
How the netflow of the US ETH spot ETFs has changed since their inauguration | Source: Glassnode on X
For both the cryptocurrencies, the most amount of outflows occurred during the last quarter of 2025, but they have still been occurring at a notable pace in February.
As such, with both the Bitcoin and Ethereum spot ETF netflows maintaining at negative values, the analytics firm has concluded that there is no sign of renewed demand in the space yet.
BTC Price
At the time of writing, Bitcoin is floating around $69,200, up over 5% in the last seven days.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
