U.S. spot Bitcoin ETFs post largest daily outflows since June

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Bitcoin ETF largest outflows

Highlights

U.S. spot Bitcoin ETFs see $635.6 million in net outflows Thursday, the largest daily withdrawal since June, led by BlackRock's $254.1 million loss.
Despite Thursday's pullback, cumulative weekly flows for U.S. Bitcoin ETFs stay positive at $442.7 million, with earlier daily inflows totaling over $1 billion.
Other crypto funds mirror the bearish turn Thursday, as U.S. spot Ethereum ETFs post $110.6 million in outflows and Solana, Hyperliquid ETFs also record withdrawals, while XRP funds gain $3.6 million.

Fund withdrawals reverse weekly momentum

As reported by The Block, U.S. spot Bitcoin ETFs record $635.6 million in net outflows on Thursday, the largest daily withdrawals since June. BlackRock's IBIT leads the losses with $254.1 million, followed by Fidelity's FBTC with $217.5 million and Ark Invest/21Shares' ARKB with $109.4 million.

Bitwise's BITB and Grayscale's GBTC also post net outflows, while Morgan Stanley's MSBT stands out with $2.3 million in net inflows. The remaining Bitcoin ETFs show zero flows for the session.

Despite Thursday's reversal, weekly flows remain positive at $442.7 million. The funds add $526.7 million on Monday, $23.2 million on Tuesday and $528.4 million on Wednesday before the pullback.

Crypto ETF demand faces broader market test

Morgan Stanley's Bitcoin ETF, which launches in April this year and is younger than most rival products, has recorded only one day of net outflows so far. Since U.S. spot Bitcoin ETFs begin trading in January 2024, the products have generated more than $57 billion in combined net inflows and now manage more than $100 billion in assets, based on The Block's ETF Tracker data.

Before Thursday's outflows, Lorris Beziers, senior DeFi analyst at Tesseract Group, says the earlier inflows signal continued ETF demand despite broader market weakness. He tells The Block that the next test is whether inflows continue while bitcoin holds the $80,000 to $81,000 range, warning that fading inflows and a break below that level would point to weaker demand.

Other crypto-linked funds also turn lower on Thursday. U.S. spot Ethereum ETFs post $110.6 million in net outflows after adding $14.9 million the day before, while Solana and Hyperliquid ETFs also record withdrawals; XRP funds are the exception, adding $3.6 million.

In our earlier article on India’s disinvestment programme, we explained that most government proceeds since FY 2016 have come via market-based routes such as ETFs, public issues and buybacks, while strategic sales contributed relatively little. We also noted why the proposed IDBI Bank stake sale stands out and how it could materially improve the government’s ability to meet its annual disinvestment target.

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