Bitcoin ETFs Face $928.9M Outflows Amid Stable Prices

Bitcoin ETFs have experienced significant outflows in February, with a total of $928.9 million leaving these funds since the beginning of the month. This trend coincides with Bitcoin's price trading within a tight range of between $94,000 and $98,000 for most of the month.

Jan3 CEO Samson Mow, speaking at the Consensus 2025 conference in Hong Kong, suggested that recent trading activity in Bitcoin appeared "very manufactured." This comes as Bitcoin's price has been relatively stable, despite the S&P 500 closing at record highs 20 times this year and gold prices reaching unprecedented levels.

Over the weekend, Bitcoin's price tumbled following news of a record-breaking hack on crypto exchange Bybit, which saw over $1.4 billion worth of Ethereum and related tokens stolen. However, Bybit announced on Monday that it had recouped the majority of the funds and would publish an audited proof of reserves report.

Despite these developments, Bitcoin's price remains at a 13% discount from its all-time high of $108,786, set on the day of Donald Trump's inauguration. Even MicroStrategy's continued Bitcoin purchases have failed to lift the market, with the company acquiring another 20,356 BTC on Monday, bringing its total holdings to just shy of 500,000 coins.

Hopes that U.S. President Donald Trump would reignite the crypto market and revitalize the bull run during his second term have so far fallen short. Bettors on Polymarket now give a 10% chance that he will create a strategic Bitcoin reserve during his first 100 days in office, a significant decrease from the expectations following his election win in November.