U.S. spot bitcoin ETFs see $410M outflows after jobs beat

U.S.-listed spot bitcoin exchange-traded funds recorded $410.37 million in outflows on Thursday, marking a second straight session of withdrawals as bitcoin fell to about $65,000 following stronger-than-expected U.S. payrolls data.

Redemptions were broad-based, with all 12 spot bitcoin ETFs posting zero or negative flows. BlackRock’s iShares Bitcoin Trust saw $157.56 million in outflows, while Fidelity’s Wise Origin Bitcoin Fund recorded $104.13 million. Grayscale and Bitwise products together had $65 million in redemptions, and WisdomTree and Hashdex were flat on the day. Data from SoSoValue put the two-day outflow total at $686.27 million.

The 12 spot bitcoin ETFs trade on U.S. exchanges and provide exposure to bitcoin’s price without direct ownership. Fund flows often shift with macroeconomic releases that influence interest-rate expectations, liquidity, and risk appetite.

Despite the pullback, cumulative flows into U.S. spot bitcoin ETFs remain positive since their launch two years ago. The vehicles have drawn $54.31 billion in total net inflows over that period and now hold assets equal to 6.34% of bitcoin’s total market value, based on SoSoValue estimates.

Bitcoin weakened during the session after the Bureau of Labor Statistics reported Wednesday that January nonfarm payrolls rose by 130,000, above a consensus estimate of 55,000. The stronger reading added to expectations that the Federal Reserve will keep interest rates unchanged for longer, a backdrop that weighed on digital assets.

Recent price moves coincided with revised outlooks from large banks. As we reported earlier, Standard Chartered cut its 2026 Bitcoin target again and warned the token could drop to $50,000, citing ETF outflows and a weaker macro backdrop. The bank said Bitcoin ETF holdings have fallen since their Oct. 10 peak, with nearly $8 billion withdrawn from U.S. spot products since that selloff.

It estimated the average buyer’s entry near $90,000 is now at a loss. The note said the U.S. economy may be softening, but markets expect no further rate cuts until Kevin Warsh becomes Fed chair later this year, which could slow inflows into crypto funds.