U.S.-listed cryptocurrency exchange-traded funds (ETFs) lost money on Thursday, breaking a two-week streak of steady inflows.
The 11 bitcoins ETFs saw a net outflow of $536.4 million as investors withdrew $56.8 million from ether ETFs.
Data curated by SoSoValue shows that BlackRock’s iShares Bitcoin Trust (IBIT) saw outflows of $29 million that day, while Fidelity’s FBTC lost $132 million. Grayscale’s converted GBTC product lost $67 million, and smaller issuers such as Bitwise and VanEck also recorded refunds.
The reversal caps a volatile fortnight that saw bitcoin fall from its highs of $126,000 amid leveraged liquidations, structural issues with Binance data and renewed trade tensions between the United States and China.
Analysts at Citi said the decline revealed the growing sensitivity of bitcoin stocks. At the same time, Glassnode described the liquidation as a “necessary reset” following one of the largest futures deleveraging events on record.
Unchained’s latest report adds that ETF options activity has reshaped the behavior of flows, turning what was once a constant source of demand into a mechanism that now tracks changes in market sentiment.
Despite the volatility, Citi reiterated its year-end target of $133,000 for bitcoin, citing resilient ETF participation despite the pullback, a target that prediction markets tend to agree with.
