U.S. spot bitcoin exchange-traded funds reported $869.9 million in net outflows on Thursday, marking their second-largest outflows on record.
Grayscale’s Bitcoin Mini Trust led the outflows with $318.2 million, according to SoSoValue data. BlockRock’s IBIT recorded $256.6 million in net outflows, while Fidelity’s FBTC saw $119.9 million leave the fund. Grayscale’s GBTC, along with ETFs from Ark and 21Shares, Bitwise, VanEck, Invesco, Valkyrie, and Franklin Templeton, also posted net outflows.
Thursday’s exits marked the ETFs’ second-largest daily net outflows since launch. The largest outflows occurred on Feb. 25, 2025, when the funds saw $1.14 billion leave in a single day.
“Large outflows signal a risk-off reset, reflecting institutions pulling back amid macro noise,” said Vincent Liu, CIO of Kronos Research. “This flow weighs on short-term momentum but doesn’t dent the broader structural demand. These bleed-outs align with oversold conditions, opening doors for long-term opportunists.”
Min Jung, research associate of Presto Research, shared similar views. “It signals a broad de-risking across markets,” said Jung. “Investors are pulling capital from higher-beta assets and rotating into safety, reflecting uncertainty around the Fed’s path and deteriorating macro sentiment.”
Bitcoin falls
The outflows on Thursday coincided with a broader crypto market sell-off. Bitcoin fell 6.4% in the past 24 hours to $96,956 as of 2:30 a.m. ET Friday, according to The Block’s price page.
Liu of Kronos said that bitcoin’s decline came from a “liquidity let-down,” as “cascading liquidations met a thinning bid stack.”
“Demand support is clustered around the $92k to $95k cushion zone, with buyers gradually rebuilding depth. Until fresh flows refill the books, volatility stays front and center,” said Liu.
“We’re currently sitting at what should be a support zone but, should we go lower, I wouldn’t be surprised to see prices drop to the next key level, in the lower $90Ks,” said Justin d’Anethan, head of research at markets advisory firm Arctic Digital. “I suspect those levels would be seen by many as a buying opportunity, especially for all those left on the sidelines when BTC, not that long ago, was pushing past the mid $120Ks.”
Presto’s Jung noted that the pullback had no single catalyst and the move appears “driven by a mix of macro uncertainty and weakening risk appetite.”
“ADP and NFIB data point to a softening labor market, reinforcing an ‘easing with caution’ stance from the Fed heading into the December FOMC,” said Jung.
Rate-cut expectations have also reset, with the odds of a December cut dropping to 52.1%, according to CME Group’s FedWatch.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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