Bitcoin, Ether ETFs post $530M outflows as election gains evaporate
US spot Bitcoin and Ether ETFs shed a combined $530 million Thursday as Bitcoin fell below $76,000 and US stocks tumbled.
US spot Bitcoin and Ether exchange-traded funds (ETFs) posted about $530 million in net outflows Thursday as cryptocurrency markets fell sharply.
Bitcoin (BTC) ETFs recorded $430 million in net outflows while Ether (ETH) funds lost around $100 million, according to SoSoValue data.
The reversal followed $128 million in combined inflows Wednesday, when Bitcoin briefly climbed above $80,000 after Democrats’ victories in the US midterm elections.
Bitcoin fell back below $76,000 and the tech-heavy Nasdaq Composite plunged 5.5% on Thursday, which was its biggest single-day decline since April 2025, according to Reuters.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led Thursday’s withdrawals with roughly $200 million in outflows after attracting around $237 million on Wednesday, according to Farside Investors data.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded another $105 million in net outflows. The latest withdrawals extended IBIT’s outflow streak to five consecutive sessions, with more than $1 billion withdrawn since Oct. 30.
Bitcoin ETFs’ year-to-date net outflows stood at around $510 million following Thursday’s closing bell.
Crypto analyst Michaël van de Poppe said on X Thursday that Bitcoin could find a near-term bottom Friday, potentially after dipping below $75,000, pointing to the severity of the Nasdaq’s decline.
“I expect Nasdaq to bottom tomorrow. The same for Bitcoin, potentially after sweeping $75,000,” he wrote.
Dean Lyulkin, CEO of Cardiff and founder of investment publication The Dean’s List, said the current market environment differs from the period leading up to the 2008 financial crisis.