US spot Bitcoin exchange traded funds have recorded five consecutive weeks of net withdrawals, with investors pulling approximately $3.8 billion from the products during the period. The sustained outflows signal a shift in institutional positioning as broader market uncertainty weighs on risk assets.

Data from SoSoValue shows that last week alone accounted for nearly $315.9 million in net outflows. While there were pockets of buying interest during the week, they were not enough to offset heavier redemption days.

Heavy Redemptions Mark the Steepest Weekly Drop

The sharpest weekly decline in this five week stretch occurred in the week ending Jan. 30, when spot Bitcoin ETFs tracking BTC at $68,169 recorded roughly $1.49 billion in net outflows. That marked the most significant pullback since the products began trading.

Although Friday of last week saw about $88 million in fresh inflows, it failed to reverse the overall negative trend. Earlier in the week, investors withdrew more than $410 million on Feb. 12. Additional redemptions between Feb. 17 and Feb. 19 pushed the weekly tally deeper into negative territory.

The recent streak underscores how quickly institutional money can shift direction, especially when global macro conditions appear fragile.

Institutional De Risking Amid Macro Uncertainty

Market participants say the outflows are less about a loss of conviction in Bitcoin and more about risk management. Vincent Liu, chief investment officer at Kronos Research, described the trend as institutional de risking in response to rising geopolitical tensions and economic uncertainty.

According to Liu, many large investors are trimming exposure to volatile assets as trade disputes escalate and tariff developments cloud the global outlook. This cautious approach has created a broader risk off environment across financial markets, with digital assets reacting swiftly to macro headlines.

He noted that upcoming economic data could influence near term flows. For example, initial jobless claims data may shape expectations around interest rate policy. Weaker labor figures could strengthen hopes for future rate cuts, potentially supporting investor sentiment. At present, sentiment indicators in crypto markets remain subdued, with the fear and greed index showing a reading of 14, reflecting extreme fear.

Long Term Inflows Remain Strong

Despite the recent withdrawals, the bigger picture still reflects substantial institutional adoption. Since their launch, US spot Bitcoin ETFs have accumulated approximately $54.01 billion in net inflows.

Total net assets across these funds stand near $85.31 billion, representing about 6.3 percent of Bitcoin’s overall market capitalization. This suggests that while short term flows may fluctuate, the products continue to hold a meaningful share of the market’s total value.

Analysts say such pullbacks are not unusual after strong accumulation phases. Rapid price movements, shifting rate expectations and geopolitical events often prompt portfolio rebalancing among large investors.

Spot Ether ETFs Also Face Selling Pressure

The pressure has not been limited to Bitcoin linked products. US spot Ether ETFs tracking ETH at $1,980 have also experienced five straight weeks of net outflows.

Last week, Ether ETFs recorded around $123.4 million in net withdrawals, according to SoSoValue. Although there were isolated days of positive flows, including $48.6 million on Feb. 17 and $10.3 million on Feb. 13, heavier selling earlier in the week outweighed those gains.

As the second largest cryptocurrency by market value, Ether often mirrors broader crypto market sentiment. The sustained outflows suggest that investors are trimming exposure across the digital asset space rather than targeting a single token.

Volatility Likely to Persist

With macroeconomic uncertainty still elevated, ETF flows could remain uneven in the weeks ahead. Investors are closely watching economic indicators, central bank signals and geopolitical developments.

For now, the five week stretch of withdrawals highlights the sensitivity of crypto investment products to shifts in global sentiment. While long term inflows remain intact, short term caution appears to be guiding institutional decisions.