Bitcoin ETF demand dips; Should bulls worry now?

Bitcoin exchange-traded funds (ETFs) demand are slowing down, and this is reflected in the daily flow charts. Despite the recent drawdown, bulls don’t need to panic just yet as the bull run is expected to continue unless ETF outflows take full control. The leading crypto is now down by 5% over the past 30 days.

The twist in the current market scenario is that while Bitcoin ETFs are struggling to keep up, Ethereum ETFs are quietly stacking inflows. The nine spot Ether ETFs recorded $19 million in net inflows, which has now tripled against the previous day’s gains. Fidelity’s FETH led the charge with $24.47 million, though Grayscale’s ETHE lost $5.45 million.

Bitcoin ETF outflows hit $71M

As per the data shared by SoSoValue, February 19 saw Bitcoin ETFs record another round of outflows as over $71 million exited the market. This marked the second consecutive day of printing red indexes for the BTC ETFs. The biggest hit came from Fidelity’s FBTC which bled $48.39 million, while Valkyrie’s BRRR and ARK 21Shares’ ARKB posted $9.27 million and $8.65 million of outflows simultaneously. Meanwhile, BlackRock’s IBIT didn’t see a single-dollar move.

On February 18, ETFs linked to the biggest crypto registered a net outflow of more than $60 million. This took the weekly outflow toll to breach $131 million. The prior week, which ended on February 14, turned out to be the biggest flop in recent times as it knocked $585 million in outflows.

Bitcoin price has failed to regain the $100K mark after Donald Trump-led bullish rally lost its steam. BTC is printing red indexes on the longer time frame. However, it has gained marginally in the last 24 hours, trading at an average price of $97,000 as of press time.

Ethereum has recorded even worse numbers than Bitcoin over similar time frames. Ether price has dropped by 16% in the last 30 days and 19% over the past 60 days. However, it has gained 2% in the last 7 days and is trading at an average price of $2,700 as of press time.

ETF flows cool post-election pump

It appears Bitcoin is losing momentum while Ethereum is gaining steam. However, it could also be a shakeout before BTC finds new highs. Either way, demand and supply are all that matter—everything else is just noise, says Ki Young Ju, CEO of Cryptoquant.

Ju, in an X post, mentioned that the BTC ETF demand has slowed by staying net positive. He added that this bull cycle would last until high ETF outflows emerge, meanwhile, prolonged net negative demand would signal the start of a bear cycle.

#Bitcoin ETF demand has slowed but stays net positive.

This bull cycle would last until significant ETF outflows emerge. Prolonged net negative demand would signal the start of a bear cycle.

Demand and supply are all that matter—everything else is just noise. https://t.co/Zw3TqYliVP pic.twitter.com/MfbVT0W8cJ

— Ki Young Ju (@ki_young_ju) February 20, 2025

Miles Deutscher highlighted that the ETF flows for BTC and ETH have slowed down since the election pumps. It now makes sense as the markets are forward looking and the bulk of ETF buyers were front-running all the positive news from Trump taking office. He added that as all that demand pulled forward, investors were waiting for the next catalyst to drive prices higher.