U.S.-listed crypto exchange-traded funds (ETFs) lost money on Thursday, ending a two-week streak of consistent inflows.
The 11 Bitcoin ETFs saw a net outflow of $536.4 million, with investors withdrawing $56.8 million from ether ETFs.
Data maintained by SoSoValue shows that BlackRock’s iShares Bitcoin Trust (IBIT) saw $29 million in outflows that day, while Fidelity’s FBTC lost $132 million. Grayscale’s converted GBTC product lost $67 million, with smaller issuers such as Bitwise and VanEck also seeing redemptions.
The reversal caps a volatile fortnight that saw Bitcoin fall from its high of $126,000 amid leveraged liquidations, structural issues with Binance data feeds and renewed trade tensions between the United States and China.
Citi analysts said the pullback revealed Bitcoin’s growing sensitivity to stocks. At the same time, Glassnode described the sale as a “necessary reset” following one of the largest forward deleveraging events on record.
Unchained’s latest report adds that ETF options activity has reshaped flow behavior, transforming 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 prediction markets tend to agree with.
