U.S. Bitcoin ETFs log $88M inflows on Feb. 20 post outflows

U.S. spot Bitcoin ETFs: $88.04M net inflows ended four-day outflow streak

On Feb. 20 (ET), U.S. spot Bitcoin  BTC +0.00% ETFs recorded net inflows of $88.04 million, ending a four-session outflow streak, as reported by BloomingBit. The one-day reversal follows several sessions of withdrawals that had pressured aggregate ETF balances.

Primary market activity indicates net creations resumed, signaling a modest improvement in demand for spot exposure. Whether this marks a durable shift will depend on follow-through in subsequent sessions.

IBIT led with $64.46M; FBTC added $23.59M (SoSoValue)

The figures show BlackRock’s iShares Bitcoin Trust (IBIT) garnered $64.46 million, while Fidelity’s Wise Origin Bitcoin ETF (FBTC) added $23.59 million. Other large issuers saw limited or neutral flow impact on the day.

Breadth was narrow, with the bulk of creations concentrated in the most liquid, lowest-friction vehicles. Such concentration is common during initial reversals as investors prioritize depth and tight spreads.

How to read today’s flows: rotation versus fresh capital

A single day of inflows can reflect either rotation between funds or genuinely new capital entering the ecosystem. Concentration in IBIT and FBTC suggests investors may be consolidating exposures in dominant products rather than broad-based additions across issuers.

Sustained net creations across multiple funds would better indicate renewed risk appetite. At the time of this writing, Bitcoin (BTC) traded near $67,758, providing a neutral price backdrop against which to assess whether inflows persist.

Signals to monitor after a one-day reversal

Watch for continuity of net creations over several sessions, not just a single print. Flow breadth across issuers, alignment with trading volumes, and stability in spreads can help distinguish rotation from new allocations.

If creations continue while market conditions remain orderly, sentiment may be firming. If flows revert or remain narrowly concentrated, this reversal could be transitory.

Methodology and source: SoSoValue, ET timing, flow definitions

Data referenced here reflect Feb. 20 (ET) calendar timing and net primary flows, meaning share creations minus redemptions at the fund level. These flows differ from secondary-market trading volumes and do not alone capture intraday positioning.

Regulatory context remains relevant to interpreting flow dynamics. As the U.S. Securities and Exchange Commission noted upon approval of spot bitcoin ETP listings on Jan. 10, 2024: “Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares.”