Bitcoin ETFs see $494M outflows amid price stall

U.S. spot Bitcoin (CRYPTO:BTC) ETFs have experienced three consecutive days of outflows, totaling $494 million.

Wednesday's outflows were the largest, reaching $251 million.

This comes as Bitcoin's price remains rangebound between $90,000 and $109,000, a trend that has been in place since mid-November.

Fidelity's Wise Origin Bitcoin Fund (FBTC) saw the largest outflow at $102 million, while BlackRock's iShares Trust (IBIT) registered a $22.1 million outflow, according to Farside data.

This trend suggests hesitation among institutional investors, despite the broader crypto market's resilience.

The outflows coincided with low trading volume in the ETFs, with Wednesday seeing a total of just $2.58 billion in volume.

IBIT's volume fell below $2 billion, ranking it as the 10th most traded U.S. ETF, a drop from its typical top 5 ranking when Bitcoin rallies.

Despite the outflows and price stagnation, some analysts believe the crypto market may be setting up for a reversal, pointing to accumulation among large Bitcoin holders.

Juan Pellicer, senior research analyst at IntoTheBlock, noted that large Bitcoin holders accumulated over 39,620 BTC, worth more than $3.79 billion, on Feb. 5.

The market's momentum remains uncertain, with investors awaiting potential catalysts such as a return of strong ETF inflows, macroeconomic events, and renewed institutional confidence in Bitcoin's long-term upside.

Bitcoin's upside will be limited until it performs a decisive break above $100,000, according to Iliya Kalchev, dispatch analyst at Nexo.

At the time of reporting, the Bitcoin (BTC) price was $96,473.66.