Bitcoin exchange-traded funds (ETFs) suffered a record outflow of $671.9 million on Thursday, as Bitcoin’s price extended its post-Fed losses, falling below $100,000.
The U.S.-listed spot Bitcoin ETFs experienced their largest single-day outflows since their launch on January 11. Meanwhile, the CME futures premium dropped into single digits, signaling a decrease in short-term demand. Investors reversed a 15-day inflow streak by withdrawing $671.9 million from the 11 Bitcoin ETFs, according to data from Coinglass and Farside Investors.
Fidelity’s FBTC and Grayscale’s GBTC led the outflows, with $208.5 million and $188.6 million leaving each fund, respectively. Other ETFs also saw outflows, while BlackRock’s IBIT experienced its first zero inflow in several weeks.
Bitcoin’s value continued to decline, falling to $96,000—nearly 10% lower than its all-time high of $108,268 set earlier in the week.
The pessimistic sentiment was mirrored in the derivatives market, where the annualized premium of the CME’s regulated one-month Bitcoin futures dropped to 9.83%, its lowest level in over a month, according to Amberdata.
This decline in premium suggests that cash-and-carry arbitrage strategies involving long positions in Bitcoin ETFs and short positions in CME futures are yielding smaller returns. Consequently, demand for Bitcoin ETFs is expected to remain weak in the short term.
Ether ETFs also recorded a net outflow of $60.5 million, marking the first outflow since November 21. Ether’s price has fallen 20% since reaching over $4,100 before Wednesday’s Federal Reserve meeting.
