Which ETFs drove BTC outflows?

TLDR

The biggest drivers of recent BTC ETF outflows were BlackRocks iShares Bitcoin Trust (IBIT), followed by Fidelitys Wise Origin (FBTC), with smaller withdrawals from VanEck (HODL), Grayscale (GBTC), and Bitwise (BITB) flow breakdown.

1. IBIT led single?day outflows (~$112.9 million) and has a multi?week outflow streak IBIT details.
2. FBTC posted notable outflows (~$54.2 million) on the same day FBTC flows.
3. Smaller funds contributed: HODL (~$14.34 million), GBTC (~$10.13 million), BITB (~$3.01 million) fund list.

Deep Dive

1. IBIT Led

IBIT has been the main source of outflows in recent sessions. One daily snapshot showed roughly $113 million in net redemptions, and reporting indicates a five?week run totaling about $2.7 billion IBIT streak.

• Another outlet pegged IBITs single?day outflow at approximately $113 million, reinforcing its role as the largest seller among spot BTC ETFs daily flows.

2. FBTC Second

Fidelitys FBTC also saw notable withdrawals alongside IBIT, with a recent day showing about $54.2 million in outflows FBTC flows.

• Context across the week shows FBTC has alternated between inflows and outflows, but on the largest outflow day it contributed materially to net redemptions flow recap.

3. Others Contributed

Smaller products added to the pressure: VanEcks HODL (~$14.34 million), Grayscales GBTC (~$10.13 million), and Bitwises BITB (~$3.01 million) on the same session fund list.

• Analysts note much of the recent drawdown came from a mechanical unwind of basis trades rather than broad capitulation, meaning the outflows were concentrated among a few issuers and strategies basis trade analysis.

Conclusion

IBIT has been the largest driver of BTC ETF outflows, with FBTC contributing and smaller funds adding modest redemptions around the same sessions. Evidence suggests these moves were concentrated and partly tied to basis trade unwinds, so flow pressure could ease as those strategies complete.