- Fidelity’s Bitcoin Fund (FBTC) has seen eight consecutive days of outflows, with $822 million liquidated since February 14
- February marked the worst month for Bitcoin ETFs, with $3.3 billion sold, the largest sum in a 30-day period
- Major Bitcoin ETFs like IBIT, FBTC, and GBTC are down around 9.6%, while newer ETFs like BITX and BITU have lost over 20%
The world’s second-largest Spot Bitcoin Fund by net earnings — Fidelity (FBTC) — has registered its 8th consecutive day of outflows.
On February 28, the fund sold $7.3 million in Bitcoin. While the outflows were marginally less than other ETFs, the number symbolizes the worst streak in Fidelity’s Bitcoin fund in its history. According to data from Farside Investors, FBTC hasn’t added Bitcoin to its fund since February 14.
Since then, $822 million in Bitcoin ETF shares have been liquidated due to ongoing withdrawals. Overall, Fidelity Wise Origin Bitcoin Fund shares are down 3.77% over the last closing price of $82.81.Â
Red February: Bitcoin ETFs Sold Over $3 Billion
February was unquestionably the worst-performing month for Bitcoin ETFs. In this month, all Bitcoin exchange-traded funds have sold $3.3. Billion in Bitcoin—the largest sum ever seen in a 30-day period.
Funds like IBIT, FBTC, and GBTC are down by around 9.6% over the past month, while newer ETFs like BITX and BITU have lost over 20% during that same time frame.
This sudden dip in a previously bullish market coincides with the fall of the cryptocurrency market. Bitcoin itself is down by 18% in February, currently trading close to losing the $80k margin.
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