U.S. Bitcoin ETF outflows hit two-week high as volume drops
U.S. spot bitcoin ETFs posted $194.6 million in net outflows Thursday, the largest in two weeks, led by BlackRock’s IBIT ($112.9M) and Fidelity’s FBTC ($54.2M). Trading volume fell to $3.1 billion.
U.S. spot Bitcoin exchange-traded funds recorded $194.6 million in net outflows Thursday, the largest in two weeks. BlackRock’s iShares Bitcoin Trust led with $112.9 million, followed by Fidelity’s Wise Origin Bitcoin Fund at $54.2 million. Aggregate ETF trading volume slipped to $3.1 billion.
It was the second straight day of withdrawals after $14.9 million on Wednesday and the biggest single-day outflow since November 20. VanEck’s Bitcoin Trust (HODL), Grayscale Bitcoin Trust (GBTC) and Bitwise Bitcoin ETF (BITB) also saw redemptions.
Turnover slowed through the week, with ETF volume at $5.3 billion Tuesday, $4.2 billion Wednesday and $3.1 billion Thursday.
Spot Bitcoin ETFs hold bitcoin and trade on U.S. exchanges, allowing investors to gain exposure through brokerage accounts. Fund flows and trading volume indicate activity in these products.
Spot ether ETFs registered $41.6 million in net outflows Thursday, compared with $140.2 million in net inflows the prior day. The largest withdrawals among the ether funds were in Grayscale Ethereum Trust (ETHE) at $30.9 million.
On-chain data indicate Bitcoin balances on centralized exchanges have fallen to about 1.8 million BTC, the lowest level since 2017.
As we reported earlier, Bitcoin has traded in a tight range ahead of a possible Federal Reserve rate cut, while traders take directional leveraged futures bets. More than $6.5 billion in positions could be liquidated on a small price move, with derivatives data indicating about $3 billion in shorts would be wiped out if BTC rises roughly 3% to $96,250, and around $3.52 billion in longs would be liquidated if it falls 4.54% to $89,209.
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