The demand for bitcoin on US soil has seemingly disappeared, at least when it comes down to purchases through locally based exchange-traded funds.

In fact, data from FarSide shows that February has been a particularly negative month for BTC ETFs, with withdrawals dominating most days.

BTC ETFs See Mostly Outflows

The launch of the 11 spot Bitcoin ETFs in the States last January was received with open arms by investors as they rushed to transfer their funds out of the converted Grayscale Trust into other funds. Some even poured fresh capital into BlackRocks IBIT, Fidelitys FBTC, and others.

The summer was lethargic, with not a lot of action to report. The landscape truly changed after the US election as the promise for a friendlier regulatory environment turned the tables around, and investors were quick to insert fresh funds into the ETFs.

However, that mania seems to have disappeared. Whether its President Trumps controversial behavior on topics ranging from tariffs to the war in Ukraine, investors have become significantly less bullish on BTC, which is evident from the inflows into the ETFs.

February, typically regarded as a highly positive month in terms of bitcoins price performance, has seen only a handful of days with net inflows. In fact, there are only four such days this month: February 4, 5, 7, and 14.

The past few weeks have been particularly painful for the financial vehicles tracking BTCs performance. Just two out of the last 11 trading days were in the green, while withdrawals were recorded on all others. February 20 saw the biggest chunk of net outflows, with $364.8 million leaving the funds. Even IBIT, the worlds largest BTC ETF, registered $112 million in withdrawals.

Since February 6, Bitcoin ETFs have marked $1.1 billion in net outflows, making February 2025 the worst month in this regard since the products inception over a year ago.

And ETH?

While not as bad as bitcoins situation, ETH also ended last week on the wrong foot. After four consecutive days of net inflows, the products tracking the second-largest cryptocurrency registered withdrawals worth $13.1 million on Thursday and $8.9 million on Friday.

Their recent performance has been more promising than that of BTC. February is going well for the Ethereum ETFs, with only four days in the red for now.

However, enthusiasm faded after February 4, when investors poured $307.8 million into the ETH ETFs. Since then, the financial products have seen only low double-digit inflows.