U.S.-listed spot bitcoin ETFs have seen nearly $3.8 billion withdrawn over the past five weeks, marking the longest consecutive outflow streak since February 2025 and signaling ongoing institutional caution following October’s sharp market drop.

According to SoSoValue, $316 million exited these funds last week alone, with BlackRock’s IBIT ETF accounting for the largest share — $2.13 billion over the five-week period.

The sustained withdrawals suggest that institutions remain wary of bitcoin after the early October crash, which exposed the cryptocurrency’s vulnerability to volatility on offshore exchanges such as Binance.

While the current streak matches February 2025 in length, the total outflow is smaller, at $3.8 billion versus $5 billion during the previous episode. That earlier wave of withdrawals preceded a market dip that pushed bitcoin down to roughly $75,000 in early April.

At present, bitcoin is trading below that level, just under $65,000. Analysts attribute the continued risk-off sentiment to lingering U.S.-Iran tensions, President Donald Trump’s recent global tariff announcement, and bearish technical indicators.