U.S. spot bitcoin ETFs have seen more than $1.6 billion in net outflows over the past four sessions, marking a sharp turnaround in investor demand after last week’s heavy inflows.
Bitcoin dropped early in Friday’s U.S. trading, sliding back toward $88,500 even as a powerful rally in commodities continued. Silver broke above $100 per ounce for the first time on record, gold traded just below $5,000, and platinum jumped 5% to a new all-time high. Copper also extended gains, rising 2.5% to just under a record high.
Shares tied to the crypto sector moved lower alongside the decline in bitcoin. Coinbase fell 2.6%, Strategy slipped 1.2%, while miners Riot Platforms and MARA Holdings each declined by about 2%.
The pullback in crypto came even as U.S. equities recovered from early weakness. Major indexes turned mostly higher, with the Nasdaq up around 0.4% despite a 15% post-earnings plunge in Intel. The chipmaker beat fourth-quarter earnings estimates but issued softer-than-expected guidance for the first quarter, citing constraints in AI chip supply. Intel shares remain up 17% year to date.
U.S. trading-hour demand weakens
Bitcoin’s year-to-date performance during U.S. trading hours has deteriorated sharply. When the token reached $98,000 last week, cumulative returns during U.S. sessions were near 9%, according to CoinDesk senior analyst James Van Straten. Those gains have since fallen to roughly 2%, pointing to waning demand from U.S.-based investors.
The slowdown has coincided with heavy redemptions from U.S. spot bitcoin ETFs, which have recorded more than $1.6 billion in outflows over the past four sessions.
Jasper De Maere, desk strategist at crypto trading firm Wintermute, said a recent rise in stablecoin conversions into fiat suggests some institutional investors who re-entered the market earlier this year may now be stepping back.
