Spot exchange-traded funds (ETFs) based on the first cryptocurrency in the U.S. have recorded a net outflow of funds for the fourth month in a row. Since October 2025, the assets under management of Bitcoin ETFs have dropped from $170 billion to $84.3 billion.

Source: SoSoValue.

The total net inflow has decreased from a record $63 billion to $54 billion. Since July 2025, the funds have attracted only $5 billion.

ETF balances have fallen from a peak of 1.36 million BTC to 1.26 million BTC. Market leaders are also losing cryptocurrency: BlackRock's IBIT reserves have decreased by 6% (to 759,000 BTC), while Fidelity's FBTC has dropped by 12.6% (to 186,000 BTC).

Source: checkonchain.

Analyst Axel Adler Jr. reported that from February 12 to 19, investors withdrew 11,042 BTC from the funds. The worst day was February 12, with an outflow of 6,120 BTC.

Institutions aren't buying. They're selling. āˆ’11,042 BTC left ETFs in 7 days. Exchanges are flooded with supply.

Full breakdown in ā˜•ļø Morning Brief 109 šŸ‘‡https://t.co/UdFRkbxj7r pic.twitter.com/LzPkaOj4vH

ā€” Axel šŸ’ŽšŸ™Œ Adler Jr (@AxelAdlerJr) February 19, 2026

For a trend reversal, ETFs need to close at a profit for at least three consecutive sessions, according to the researcher. Until that happens, the funds are creating selling pressure.

Capital is flowing out of cryptocurrency into more stable assets. From March to October 2025, demand for Bitcoin ETFs declined, while inflows into gold funds surged.

Source: The BOLD Report.

In October, inflows into gold ETFs reached $36 billion over 90 days. By mid-February 2026, this figure remained high at $21 billion. During the same period, Bitcoin funds showed negative dynamics. In a risk-off phase, investors prefer gold due to its lower volatility and long history as an asset.

Macroeconomic Pressure

ITC Crypto founder Benjamin Cowen described the first quarter of 2026 as a phase of "restrictive decline" for both stock and cryptocurrency markets.

In December 2025, the Federal Reserve halted its quantitative tightening program. However, monetary policy remains tight. The federal funds rate exceeds the yield on two-year Treasury bonds. For ten-year securities, this figure hovers around 4.1%, with a real yield of 1.7-1.8%.

A positive real rate allows for profits adjusted for inflation in traditional instruments, making Bitcoin ownership less attractive.

Cowen emphasized that stable demand for ETFs arises only when real yields decline or the Fed's policy eases. These conditions have not yet materialized.

It is worth noting that in the fourth quarter of 2025, Goldman Sachs reduced its positions in spot funds based on Bitcoin and Ethereum.