The U.S.-listed crypto exchange-traded funds (ETFs) bled money Thursday, snapping a two-week streak of consistent inflows.
The 11 bitcoin ETFs registered a net outflow of $536.4 million as investors pulled out $56.8 million from ether ETFs.
Data curated by SoSoValue shows BlackRock’s iShares Bitcoin Trust (IBIT) saw $29 million in outflows on the day, while Fidelity’s FBTC lost $132 million. Grayscale’s converted GBTC product shed $67 million, with smaller issuers such as Bitwise and VanEck also recording redemptions.
The reversal caps a volatile fortnight that saw bitcoin tumble from its $126,000 highs amid leveraged liquidations, structural problems with Binance’s data feeds, and renewed U.S.–China trade tensions.
Analysts at Citi said the drawdown revealed bitcoin’s growing equity sensitivity. At the same time, Glassnode described the sell-off 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 how flows behave, turning what was once a steady source of demand into a mechanism that now tracks shifts 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.