The present work studies the torsional instability of an elastic structure due to hydrodynamic loads into the water current. The structure applied here is a rectangular flat plate with an elastic axis in its mid-chord length. The elasticity in the structure is provided by torsion spring. The flat plate has only one degree of freedom which is rotation in pure yaw about its axis. Through the free vibration experiments, it is observed that as the current speed exceeds a critical velocity, the flat plate becomes unstable. Two different chord lengths are tested and the instability occurs for a chord base range of Reynolds number, 0.75 × 105 < Rec < 1.5 × 105. As a result of the instability, the flat plate begins to yaw about the elastic axis. The hydrodynamic moment acting on the flat plate is modeled by means of the flutter derivatives. As an identification technique to extract flutter derivatives, a curve fitting scheme called General Least-Square (GLS) theory is applied on the results of the free vibration experiments. The results confirm that the structure becomes dynamically unstable due to the hydrodynamic moment applied on it beyond the critical velocity. The super-critical Hopf bifurcation is also discussed in the light of the analysis.