On February 24, amid a cryptocurrency market downturn, net outflows from spot Bitcoin exchange-traded funds (ETFs) reached $516.41 million.

This figure marks the largest outflow in February and the third-largest since the beginning of the year.

The total inflows since BTC-ETF approval in January have now decreased to $39.04 billion, while assets under management (AUM) for these products have fallen to $109.26 billion.

Fidelity’s FBTC recorded the highest daily outflow on Monday at $246.96 million, followed by BlackRock’s IBIT with $158.59 million and Grayscale’s GBTC with $59.5 million.

Data for Ark Invest’s ETF was not available at the time of writing.

Investors also pulled $78.09 million from spot Ethereum ETFs on February 24, with $48.21 million of that coming from BlackRock’s ETHA.

Consulting firm BRN noted that funds have been losing volume for two weeks following a peak on February 7. According to analysts, this trend indicates a lack of institutional support, preventing Bitcoin from breaking out of the $94,000–$98,000 range.

“The outflows suggest that the initial wave of investors interested in digital assets is now fully allocated. Going forward, ETFs will need fresh demand or a broader market catalyst to resume inflows,” BRN analyst Valentin Fournier told The Block.

David Foley, managing partner at Bitcoin Opportunity Fund, called the fund outflows “unsurprising.”

“It all seems very controlled after the significant gains in November and December. Now, investors are entering Q1, assessing the broader direction of the economy and asset markets for the year,” he added.

According to research by 10x Research, 56% of Bitcoin ETF volumes are tied to arbitrage, with traders profiting from discrepancies between spot and futures prices.

Given the current market conditions, funding rates and basis spreads are too low to justify holding or opening new positions, noted Marcus Thielen, founder and head of research at the firm.

Earlier, Bitwise predicted that net inflows into spot Bitcoin ETFs could exceed $50 billion in 2025.