US Bitcoin spot ETFs saw net outflows of around $410 million, coinciding with a sharp intraday correction in Bitcoin that pushed the price below $66,000. The move marked a second consecutive session of substantial redemptions and intensified selling pressure in the spot and derivatives markets.
The outflows occurred during a particularly volatile session, in which Bitcoin fluctuated between $64,000 and $65,000 and registered an estimated intraday drop of 11% to 13%. This movement not only deepened the losses accumulated in recent weeks but also coincided with a sustained drain on spot ETFs: in the previous two weeks, withdrawals approached $1.5 billion, and the cumulative total for the last two weeks is around $5 billion.
Specifically, the largest redemptions on February 12 were concentrated in the main US-based funds. The iShares Bitcoin Trust (IBIT) registered outflows of $157.6 million, followed by the Wise Origin Bitcoin Fund (FBTC) with $104.1 million, and the Grayscale Bitcoin Trust (GBTC) with $59.1 million.
However, the adjustment was not limited to the spot market. Open interest in Bitcoin futures fell by about 28%, to approximately $34 billion, the lowest level since November 2014.
Why is Bitcoin still falling?
The macroeconomic backdrop also played a key role. The January US jobs report, with 130,000 new non-farm payrolls and an unemployment rate of 4.3%, reinforced the narrative of “higher interest rates for longer.” Consequently, risk assets faced additional pressure, as tighter financial conditions tend to affect leveraged positions and tactical strategies in regulated funds first.
On the other hand, a revision of expectations by Standard Chartered added caution to the outlook. The bank lowered its 2026 price target for Bitcoin from $150,000 to $100,000 and mentioned the possibility of a deeper pullback toward $50,000. This adjustment provided an additional bearish signal for institutional models and distribution desks that calibrate exposure based on projected scenarios.
Despite the outflows, the market still maintains a structural base of long-term holders and institutional exposure embedded in ETFs. However, the withdrawal of speculative and leveraged capital has increased short-term volatility, making the price more dependent on daily spot flows and available block liquidity.
A sustained reversal of inflows could alleviate the pressure and stabilize sentiment; conversely, a decisive break below relevant support levels could trigger further selling and validate the more conservative scenarios put forward by some banks.
