Bitcoin’s price has corrected roughly 6% since reaching an all-time high of over $93,000 on November 13, following a strong rally that sent the cryptocurrency soaring.
On Thursday, U.S.-listed Bitcoin exchange-traded funds (ETFs) experienced their third-largest outflow to date, with $400.7 million exiting the funds, according to data from Farside. This marks a significant shift in investor sentiment, although not entirely unexpected after the recent surge.
During the trading session, Bitcoin’s price fluctuated between a low of $86,600 and a high of nearly $92,000. While the market has pulled back, this is typical after Bitcoin reaches new all-time highs, as investors often take profits. In the past three days alone, approximately $15 billion has been withdrawn, based on data from Glassnode. Bitcoin has gained more than 25% since Donald Trump’s presidential election victory earlier this month, fueling optimism in the market.
While some Bitcoin ETFs saw sizable outflows, others recorded continued inflows. BlackRock’s IBIT ETF attracted $126.5 million, maintaining strong positive momentum since November 7. However, Fidelity’s FBTC saw outflows of $179.2 million, while Bitwise’s BITB and Ark’s ARKB recorded withdrawals of $113.9 million and $161.7 million, respectively. Grayscale’s products also saw a combined outflow of $74.9 million.
Thursday’s $400 million outflow is the third-largest since the launch of Bitcoin ETFs, following two other significant withdrawals on November 4 ($541.1 million) and May 1 ($563.7 million). In both instances, Bitcoin’s price rebounded sharply, reaching new highs after briefly bottoming at $67,000 and $60,000, respectively.
Whether this current outflow signals another bottom remains to be seen, but historical patterns suggest a potential recovery in the near future.
In contrast, ether ETFs experienced their first outflow in nearly two weeks, with $3.2 million being withdrawn, hinting at a possible shift in investor behavior.
