US spot Bitcoin and Ether funds posted about $530 million in combined net outflows Thursday as Bitcoin slid below $76,000 and US stocks fell. BlackRock's IBIT extended its outflow streak to five sessions, while one analyst expects a near-term bottom.
US spot Bitcoin and Ether exchange-traded funds posted about $530 million in net outflows Thursday as cryptocurrency markets fell sharply. Bitcoin funds recorded $430 million in net outflows, while Ether funds lost around $100 million, according to SoSoValue data.
The reversal followed $128 million in combined inflows Wednesday, when Bitcoin briefly climbed above $80,000 after Democrats' victories in the US midterm elections. Bitcoin then fell back below $76,000, and the Nasdaq Composite plunged 5.5%, its biggest single-day decline since April 2025, according to Reuters.
Fidelity leads Bitcoin ETF outflows
Fidelity's Wise Origin Bitcoin Fund (FBTC) led the withdrawals with roughly $200 million in outflows after attracting around $237 million on Wednesday, according to Farside Investors data. BlackRock's iShares Bitcoin Trust (IBIT) recorded another $105 million in net outflows.
Those withdrawals extended IBIT's outflow streak to five consecutive sessions, with more than $1 billion withdrawn since Oct. 30. Year-to-date net outflows for Bitcoin ETFs stood at around $510 million after Thursday's closing bell.
Analysts weigh the sell-off
Crypto analyst Michaël van de Poppe said on X that Bitcoin could find a near-term bottom Friday, potentially after dipping below $75,000. He wrote: "I expect Nasdaq to bottom tomorrow. The same for Bitcoin, potentially after sweeping $75,000"
Dean Lyulkin, CEO of Cardiff, said the current environment differs from the run-up to the 2008 financial crisis. He argued that household balance sheets and the banking system are considerably stronger today, while acknowledging vulnerabilities in commercial real estate, private credit and potentially excessive artificial intelligence spending.
Source: Cointelegraph
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