Bitcoin ETFs See $100 Million Wiped Out, Only BlackRock Records Inflows

▲ BlackRock Bitcoin/ChatGPT-generated image

More than $100 million has flowed out of the U.S. spot Bitcoin (BTC) ETF market, dampening investor sentiment, while a large influx of unidentified funds into a BlackRock product has drawn market attention.

According to Cointelegraph on Feb. 19, a total of $104.9 million was recorded in net outflows on the 18th from the 11 spot Bitcoin ETFs traded in the United States. The total trading volume of the spot Bitcoin ETF market fell sharply to around $3 billion, an approximately 80% decrease from the $14.7 billion recorded on Feb. 5. As trading activity noticeably slowed, a wait-and-see atmosphere has spread across the market.

The primary cause of the outflows was selling pressure from Grayscale’s Bitcoin Trust (GBTC). In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) posted net inflows of $96.6 million, standing alone in holding the line. In particular, a recently disclosed fourth-quarter 2025 report revealed that a little-known Hong Kong-based firm called Laurore purchased $436.2 million worth of IBIT in a single transaction, attracting significant industry attention.

Jeff Park, an advisor at Bitwise, analyzed Laurore’s move as “an early sign that Chinese capital may be entering the Bitcoin market at an institutional level.” Laurore is a company with neither a website nor official press releases, and the name of its listed representative, “Zhang Hui,” is notably common, adding to the air of mystery. Some speculate that the investment could be related to capital outflows from China, though questions remain as to why an ETF was chosen instead of direct purchases.

Institutional moves regarding IBIT have been mixed. Jane Street invested $276 million in the fourth quarter, becoming the second-largest buyer of IBIT, while Abu Dhabi sovereign wealth fund Mubadala Investment increased its holdings by 45% to $630.7 million. On the other hand, Brevan Howard reduced its IBIT holdings by 85%, and Goldman Sachs trimmed about 40% of its position, indicating a shift toward risk management.

Bitcoin is currently fluctuating around the $67,000 level, searching for direction. As major institutions actively rebalance their positions, the inflow of large-scale capital led by BlackRock and the outflows from Grayscale are heightening market tension. Global investors are closely watching whether the emergence of these “mystery buyers” will establish a new support base for Bitcoin’s price.

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