Bitcoin ETFs Face Potential Zero as Outflows Surge Since October

Institutional demand for Bitcoin cools as $8.5B exits ETFs in just 89 trading days

Published on Feb. 25, 2026

Got story updates? Submit your updates here. ›

US spot Bitcoin ETFs have seen significant outflows since October 2025, with over $8.5 billion leaving the funds in just 89 trading days. This rapid pace of outflows could lead to the Bitcoin ETF complex effectively being drained within the next four years if the trend continues, raising concerns about the sustainability of institutional demand for Bitcoin.

Why it matters

The performance and flows of Bitcoin ETFs are seen as a key indicator of institutional interest and adoption of the cryptocurrency. Sustained outflows could signal a broader cooling of Wall Street's appetite for Bitcoin, which could have broader implications for the crypto market.

The details

Since Bitcoin hit its all-time high in October 2025, US spot Bitcoin ETFs have seen outflows on 55 out of 89 trading days. At the current pace of around $90 million per trading day, the total Bitcoin ETF assets under management (AUM) of $98 billion could be drained within about four years. Even by the time of the next Bitcoin halving in April 2028, the ETFs could hold only around 662,000 BTC, down from a peak of around 1 million BTC.

  • On October 10, 2025, Bitcoin hit its all-time high.
  • Since October 10, 2025, US spot Bitcoin ETFs have seen outflows on 55 out of 89 trading days.
  • The next Bitcoin halving is estimated to occur around April 11, 2028.

The players

Eric Balchunas

A Bloomberg Intelligence ETF analyst who highlighted the cumulative net inflows into US spot Bitcoin ETFs, which peaked around $63 billion in October 2025 and now sit around $53 billion.

Fidelity

The asset management firm whose FBTC Bitcoin ETF made up a large chunk of the $760 million in net inflows seen by the spot Bitcoin ETF cohort in mid-January 2026.

Got photos? Submit your photos here. ›

What they’re saying

“The cumulative number remains massive, and it arrived faster than most predictions, and the near-term tape shows how quickly conviction shifts when price slides.”

— Eric Balchunas, Bloomberg Intelligence ETF analyst (CryptoSlate)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.