 
 
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) suffered more redemptions on Thursday, prolonging a five-week slide that has drained nearly $4 billion from the products amid the brutal BTC price crash.
Persistent Institutional Outflows
According to SoSoValue data, investors withdrew $165.8 million from the 11 spot Bitcoin ETFs on Feb. 19, pushing total withdrawals for the week to $404 million. The recent outflows push cumulative withdrawals over the past five weeks to nearly $4 billion.
BlackRock’s iShares Bitcoin Trust (IBIT) led this week’s redemptions, registering roughly $368 million in outflows, based on figures provided by Farside Investors.
Meanwhile, other spot BTC funds recorded negligible activity, with the notable exception of about $50 million exiting the Fidelity Wise Origin Bitcoin Fund (FBTC) on Wednesday.
The sustained exodus raises questions about whether institutional demand for Bitcoin exposure is waning or merely resetting after a robust 2025. Even with continued withdrawals, these funds maintain $85 billion in assets, accounting for over 6% of Bitcoin’s circulating supply.
 
Spot Bitcoin ETF withdrawals may continue unless the apex crypto establishes a decisive bullish reversal.
Bitcoin On Course For Weakest Start To A Year
Fifty days into 2026, Bitcoin is experiencing its worst start to a financial year on record, according to Checkonchain. The cryptocurrency has dropped 23% year-to-date, sliding 10% in January and an additional 15% in February.
After topping $126,000 in early October, Bitcoin has been in a downward trend, recently slumping to near $60,000. The asset was trading hands at $67,623 at publication time, up 0.9% on the day, according to CoinGecko data.
Bitcoin’s start to 2026 outpaces its previous down years, including the notable 2018 decline.
Bitcoin has never before endured consecutive declines in both January and February, according to Coinglass. Although previous years, such as 2015, 2016, and 2018, saw double-digit declines in January, each was followed by a strong rebound in February. If current losses persist, Bitcoin is set for its weakest back-to-back monthly performance since 2022.