Hodler’s Digest – Bitcoin ETFs Bleed, Metaplanet Rejects Allegations
Date: 23 February 2026
Summary
- Spot Bitcoin exchange‑traded funds (ETFs) in the United States recorded a cumulative outflow of $166 million on Thursday, pushing weekly redemptions past the $400 million mark and extending a losing streak that could reach five weeks.
- Metaplanet’s chief executive, Simon Gerovich, publicly refuted claims that the firm concealed information about its Bitcoin‑related trading activity, insisting that all purchases, option positions and borrowing arrangements were disclosed in a timely manner.
- The combined data suggest a cooling of investor enthusiasm for Bitcoin‑linked products while the sector continues to grapple with transparency and regulatory scrutiny.
1. Spot Bitcoin ETFs Under Pressure
According to the analytics platform SoSoValue, U.S. spot Bitcoin ETFs experienced $165.8 million of net withdrawals on Thursday, raising the total outflow for the current week to $403.9 million. Year‑to‑date, the portfolio of these funds has shed roughly $2.7 billion, marking one of the weakest starts the asset class has seen in recent memory.
Trading volumes within the ETFs fell 21 % over the past seven days, hitting the lowest levels observed since late‑December 2025. The shrinking liquidity indicates that market participants are either reallocating capital to other crypto‑related instruments or pulling back altogether amid broader risk‑aversion.
Analyst view: “The persistent redemptions imply that investors are still uncertain about Bitcoin’s price trajectory after the recent 46 % correction. Until the market demonstrates consistent upside, the inflow‑driven price support that ETFs traditionally provide will remain muted,” notes senior market analyst Elena Ruiz of CryptoFund Research.
2. Metaplanet’s Defense Against Disclosure Criticism
Metaplanet, a blockchain‑focused investment firm, found itself at the center of a controversy after several users on X (formerly Twitter) alleged that the company delayed or omitted price‑sensitive details regarding sizable Bitcoin acquisitions, options contracts, and BTC‑backed borrowing that were purportedly financed with shareholder capital.
In a detailed post on X on Friday, CEO Simon Gerovich rejected the accusations, arguing that the firm’s reporting timeline adhered to standard accounting practices and that the critics had misinterpreted the financial statements rather than uncovered any deliberate concealment. Gerovich emphasized that:
- Every Bitcoin purchase and associated derivative position was recorded in the quarterly filings promptly.
- The terms of the firm’s borrowing facilities, which are secured against Bitcoin collateral, were disclosed in the notes accompanying the balance sheet.
- No material loss from the derivatives strategy was omitted; any unrealised losses were reflected in the fair‑value adjustments.
Corporate governance perspective: “Transparency in crypto‑related investments is a moving target, especially when dealing with derivative exposures that can change rapidly. Metaplanet’s stance highlights the ongoing tension between timely disclosure and the need to protect competitive positioning,” says governance specialist Priya Shah of the Global Crypto Council.
3. Market Context
The twin headlines arrive against a backdrop of broader industry developments:
- Stablecoin policy discussions continue at the White House, where regulators are debating limits on reward structures tied to balance‑based yields. While no final decision has been made, the ongoing dialogue reflects heightened scrutiny of crypto‑linked financial products.
- Technical concerns such as quantum‑computing fears have been largely dismissed by developers, who argue that any impact would be reflected across the broader blockchain ecosystem, not isolated to Bitcoin alone.
These factors, coupled with the ETF outflows and Metaplanet’s controversy, illustrate an environment where both product‑level fundamentals and regulatory narratives are shaping investor sentiment.
4. Key Takeaways
| Issue | What It Means for the Market |
|---|---|
| ETF Outflows | Continued withdrawals signal waning short‑term demand for spot Bitcoin exposure; fund managers may need to adjust fee structures or introduce new features to attract capital. |
| Metaplanet Allegations | Highlights the importance of clear, real‑time disclosure for crypto‑focused firms; firms that can demonstrate robust reporting may gain a competitive edge. |
| Regulatory Engagement | Ongoing policy talks around stablecoins could indirectly affect Bitcoin products by shaping the broader crypto‑financial ecosystem and investor confidence. |
| Technical Narrative | Dismissal of quantum‑risk theories suggests that market participants are focusing more on macro‑economic drivers and product‑specific fundamentals. |
Outlook
If Bitcoin’s price stabilises above the $65,000 level, spot ETFs could see a modest inflow resurgence, especially if institutional players view the asset class as a hedge against inflationary pressures. Conversely, any further downward pressure on Bitcoin, coupled with persistent outflows, may push fund managers to explore alternative structures—such as multi‑asset crypto baskets or leveraged offerings—to sustain investor interest.
For firms like Metaplanet, the ability to pre‑emptively address transparency concerns will be crucial. Clear communication can mitigate reputational risk and potentially attract capital that values governance as highly as performance.
The crypto market remains highly responsive to both price dynamics and the evolving regulatory landscape. Stakeholders are advised to monitor ETF flow data and corporate disclosures closely as they calibrate their exposure strategies.
Source: https://cointelegraph.com/news/bitcoin-etf-united-states-metaplanet-btc-treasury-hodlers-digest?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
