Spot Bitcoin exchange-traded funds in the U.S. shifted to net outflows on Feb. 18 as Bitcoin briefly dipped under $95,000, driven by declining odds of Trump approving a Strategic Bitcoin Reserve in the U.S. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded a net outflow of $60.63 million on Friday, a reversal from the $66.19 million in net inflows recorded the previous trading day. The majority of outflows came from Bitwise’s BITB, which saw $112.65 million exit the fund, followed by Fidelity’s FBTC, which logged $16.42 million in outflows. BlackRock’s IBIT managed to offset part of these outflows, attracting $68.44 million from investors, while the remaining nine Bitcoin ETFs recorded no flows for the day. Despite the outflows, Bitcoin ETFs experienced a surge in trading activity, with daily volume rising to $2.83 billion on Feb. 18, up from $2.2 billion the previous day. Meanwhile, the nine spot Ethereum ETFs continued their positive streak, recording a modest $4.6 million in inflows on Feb. 18, entirely from Fidelity’s FETH, which logged inflows for the third consecutive day. The remaining ETH ETFs remained neutral on the day. You might also like: Strategy to raise $2b via convertible notes for Bitcoin purchases Notably, such a mixed scenario reflects a broader shift in market sentiment, with Bitcoin dipping below $95,000 as part of an ongoing downtrend since its all-time high of $109,200 a month ago. A key factor behind this decline appears to be waning confidence in the potential establishment of a Strategic Bitcoin Reserve in the U.S. under the Trump administration. On Polymarket , a prediction market tracking this possibility, the probability of President Donald Trump launching an SBR within his first 100 days has dropped to 11%, a big drop from its January peak of 40%. The decreasing odds suggest growing skepticism among investors regarding the administration’s commitment to such a reserve. Despite this decline, discussions within the Trump administration about a Strategic Bitcoin Reserve are reportedly ongoing. David Sacks, a prominent venture capitalist who now oversees crypto and AI policy , has acknowledged that these conversations are taking place. At press time Bitcoin ( BTC ) was down 0.4% over the past day, exchanging hands at $95,287 while Ethereum ( ETH ) was also trading sideways at $2,688 per coin. Read more: Analysis: Low Ethereum gas fees signal bullish mid-to-long-term outlook