Spot Bitcoin ETFs Lose $648M; BlackRock’s IBIT Loses $448M

Spot Bitcoin exchange-traded funds recorded $648.64 million in outflows on Monday. BlackRock’s IBIT accounted for $448 million of the withdrawals, followed by $110 million from ARK Invest and 21Shares and $63 million from Fidelity.

The outflows followed roughly $1.07 billion in redemptions last week, ending a six-week inflow streak and reducing total assets under management for crypto funds to about $157 billion from $159 billion the prior week.

Bitcoin’s price fell about 6.7% from $81,700 last Thursday to a weekly low of $76,201 and was trading near $76,680 at the latest check. The market’s Fear & Greed index registered 25, a reading classified as “Extreme Fear.” Aggregated futures open interest declined from roughly $29 billion to $26 billion over two weeks. Funding rates flipped to positive after several months of negative readings, and more than $670 million in liquidations were recorded last week.

Agne Linge, advisor to the board at blockchain infrastructure firm Wefi, attributed the withdrawals to risk reduction by fund managers amid recent U.S.-Iran tensions. “Funds are reducing risk exposure in response to recent geopolitical developments,” Linge said.

Illia Otychenko, lead analyst at CEX.IO, pointed to U.S. inflation data as another driver, saying the report shifted expectations about Federal Reserve policy and raised the chances of a rate hike this year. On a prediction market, users assign low odds to a Fed rate cut before July, reflecting the altered outlook.

Long-term Bitcoin holders have continued to buy BTC for months, adding to their holdings even as portions moved into unrealized losses. Otychenko noted that persistent accumulation by these holders has been observed alongside the recent price swings.

Market structure factors also showed mixed signals. Positive funding rates indicate traders have been increasing long positions despite recent volatility. Vetle Lund, head of research at K33 Research, has noted demand tied to a specific perpetual product that can support recurring mid-month rallies, though such demand has not consistently translated into sustained price gains in prior episodes.

Prediction-market measures remained biased toward a rebound: users placed a 77% probability on Bitcoin reaching $84,000 as its next major move, down from a recent high of about 89%. The data and market metrics describe the flows, price moves and participant behavior observed over the past two weeks.