U.S. spot Bitcoin ETFs recorded $635.6 million in net outflows on Thursday, more than reversing the previous day's inflows. Bitcoin slid to around $81,500 as a sell-off in tech stocks spread.
U.S. spot Bitcoin ETFs lost $635.6 million in net outflows on Thursday, more than erasing the $528.4 million the funds added the day before. The outflows were the largest daily withdrawals since June.
IBIT and FBTC lead the withdrawals
BlackRock's IBIT led with $254.1 million in outflows, followed by Fidelity's FBTC with $217.5 million and Ark Invest/21Shares' ARKB with $109.4 million, according to data compiled by The Block. Bitwise's BITB and Grayscale's GBTC also posted net outflows.
Morgan Stanley's MSBT bucked the trend and added $2.3 million. The remaining funds posted zero flows for the day.
Still, flows remain positive for the week at $442.7 million, after $526.7 million on Monday, $23.2 million on Tuesday and $528.4 million on Wednesday.
Before the reversal, Lorris Beziers, senior DeFi analyst at Tesseract Group, had pointed to the earlier inflows as a sign of continued ETF demand despite broader market weakness. He told The Block that the next test was whether inflows continued while bitcoin held the $80,000 to $81,000 range. According to Beziers: "If inflows fade and that floor breaks, the demand picture has weakened,"
Bitcoin slides as the tech sell-off spreads
Bitcoin slid back to around $81,500 earlier on Friday, down 3.4% in the past day, as a Wall Street sell-off extended to Asian equities amid weak tech earnings, concerns over AI spending and escalating geopolitical tensions.
The Nasdaq Composite closed down 2.6% on Thursday, its worst session since June, while the S&P 500 fell 1.2% for its worst daily performance since July. Meanwhile, according to CoinGlass, at least $440 million in leveraged crypto positions were liquidated over the past 24 hours, including $397 million worth of longs.
Jeff Anderson, head of U.S. at STS Digital, told The Block that bitcoin remains closely tied to technology stocks, with concerns over AI valuations and debt weighing on the market.
Despite the weakness, Nick Forster, founder and CEO of Derive, told The Block that the platform's implied probability of bitcoin exceeding $100,000 by Christmas rose from 9.7% to 12% over the past week. The probability of a drop below $70,000 fell from 15.6% to 11%.
Source: The Block
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