U.S. spot cryptocurrency exchange-traded funds (ETFs) faced a significant wave of outflows on February 23, 2026, with combined net redemptions exceeding $250 million. According to data from analytics provider SoSoValue, spot Bitcoin ETFs recorded approximately $204 million in net outflows for the day. Meanwhile, spot Ethereum ETFs saw net outflows of $49.48 million, bringing the total single-day loss across both products to over $253 million.
The outflows coincided with Bitcoin's price briefly dipping below the $65,000 level. Market analysts have linked the widespread selling pressure to broader macroeconomic concerns, including developments related to new U.S. customs tariffs, which spurred a risk-off sentiment among investors. This sudden withdrawal highlights the fragility of investor confidence despite longer-term strong inflow trends.
The majority of the damage was borne by Bitcoin funds. The $203.82 million daily net outflow marked another weak session for the sector, with most major products closing in the red as investors reduced positions during the price decline. However, one fund stood out: VanEck's HODL ETF recorded a modest net inflow of $6.35 million, suggesting some long-term investors viewed the pullback as a buying opportunity.
Despite the daily setback, spot Bitcoin ETFs still hold a substantial net asset value of approximately $80.74 billion. This figure represents about 6.26% of Bitcoin's total market capitalization, underscoring the scale of institutional participation even during outflow periods.
Ethereum funds also faced selling pressure. The $49.48 million net outflow from spot ETH ETFs aligned with recent weakness in the altcoin market, where Ethereum has underperformed Bitcoin in several recent sessions. Trading volume remained active at around $724 million for ETH ETFs, but the direction of fund flows indicates investors were reducing exposure rather than adding risk. Since their launch, Ethereum ETFs have attracted a cumulative net inflow of roughly $11.48 billion, though short-term market sentiment has noticeably cooled.
The latest data points to a concerning broader trend. Bitcoin ETFs have now recorded net outflows for five consecutive weeks, with total outflows reaching approximately $3.8 billion. This marks the longest uninterrupted outflow streak since early 2025. Macroeconomic uncertainty and cryptocurrency price volatility have driven a recent trend of risk reduction. Nevertheless, the long-term picture remains strong, with spot Bitcoin ETFs amassing over $53.8 billion in cumulative net inflows since launch, indicating sustained structural demand.
Market sentiment remains cautious, with crypto fear gauges staying elevated, reflecting nervous positioning. While most investors retreated, the limited inflow into VanEck's HODL ETF shows some are treating the dip as a buying opportunity. For now, ETF flows are expected to remain sensitive to macro headlines, with institutional demand potentially rebalancing if volatility subsides.
