Matrixport: Bitcoin ETF's capital outflow in February hit a record high, and the current ETF selling pressure may have temporarily stopped

Odaily News Matrixport released a chart today saying that this month's fund outflows hit a record high since the launch of the Bitcoin ETF in January 2024, possibly due to hedge funds closing out basis trades (long ETFs vs. short futures). This trend coincides with the $8 billion drop in open interest in CME Bitcoin futures since the Federal Reserve's FOMC meeting in December 2024, a drop of more than 20% of total ETF inflows.
This round of selling may be related to the expiration of February futures contracts, which has now been priced in. As the impact fades, hedge funds may reduce ETF selling and re-evaluate arbitrage spreads in late March. For now, ETF selling pressure seems to have stopped for the time being.