Bitcoin Spot ETFs Experience $211 Million Net Outflows on Thursday

Bitcoin Spot ETFs Face $211 Million Outflows as Fidelity Leads the Decline

Bitcoin Spot ETFs– Spot bitcoin exchange-traded funds (ETFs) in the U.S. have reported significant financial strain, with $211.15 million in net outflows on Thursday, marking their seventh consecutive day of negative flows. This ongoing trend reflects growing investor caution amid volatile market conditions.

Fidelity’s FBTC Leads Bitcoin ETF Outflows

Among the various bitcoin ETFs, Fidelity’s FBTC recorded the highest outflow, with $149.49 million moving out of the fund, according to data from SoSoValue. Bitwise’s BITB followed with $30 million in net outflows. Additionally, both Grayscale’s GBTC and its mini trust experienced outflows: GBTC saw $23.22 million exit, while the mini trust reported $8.45 million in outflows.

Zero Inflows Across Bitcoin ETFs

No bitcoin ETFs recorded net inflows on Thursday. The eight other funds, including BlackRock’s IBIT, experienced no change in flows for the day. This lack of positive movement highlights a period of significant investor withdrawal from bitcoin-focused investments.

Decline in Daily Trading Volume for Bitcoin ETFs

The total daily trading volume for the 12 bitcoin ETFs fell to $1.35 billion, down from $1.41 billion on Wednesday. Despite this drop, spot bitcoin funds have accumulated a total of $17.06 billion in net inflows since their inception in January, demonstrating the long-term investor interest in bitcoin despite current outflows.

Ether ETFs Show Minimal Change

In contrast, spot Ethereum ETFs experienced relatively minor financial movements on Thursday. The sector saw around $152,720 in net outflows. Grayscale’s ether funds were the exception, with ETHE reporting $7.39 million in net outflows and the Ethereum Mini Trust recording $7.24 million in net inflows. Seven other Ethereum ETFs saw no movement in flows.

Lower Trading Volume for Ethereum Funds

Ethereum funds also witnessed a decrease in daily trading volume, which fell to $108.59 million compared to $145.86 million the previous day. Since their listing in July, these funds have accumulated a total of $562.31 million in net outflows, reflecting ongoing investor hesitance in the Ethereum space.

Global Markets Await Key U.S. Non-Farm Payroll Data

As global markets brace for the release of the latest U.S. non-farm payroll data, investors are keenly observing potential impacts on the broader economic landscape. Augustine Fan, head of insights at SOFA.org, noted that The reaction to NFP will be nuanced and dependent on details. He added, The ideal case for equities and BTC will be for a number that is just weak enough, but not so weak to induce imminent recession concerns so that the Fed can still be seen as ahead of or ‘on time’ with the economic trajectory.

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