U.S. spot bitcoin exchange-traded funds (ETFs) recorded $211.15 million in net outflows on Thursday, marking the seventh straight day of negative flows, according to data from SoSoValue.
Fidelity’s FBTC led the pack with $149.49 million in outflows, while Bitwise’s BITB followed with $30 million. Grayscale’s GBTC and its mini trust also saw significant withdrawals, with $23.22 million and $8.45 million in net outflows, respectively.
No bitcoin ETF reported net inflows, with the remaining eight funds, including BlackRock’s IBIT, logging zero flows. Total trading volume across the 12 spot bitcoin ETFs decreased to $1.35 billion, down from $1.41 billion the previous day. Despite the recent downturn, these funds have still amassed a total of $17.06 billion in net inflows since their inception in January.
Ether ETFs Show Little Change
U.S. spot Ethereum ETFs saw minimal movement on Thursday, recording just $152,720 in net outflows. Grayscale’s ether funds saw mixed results, with ETHE reporting $7.39 million in outflows while the Ethereum Mini Trust gained $7.24 million. Seven other ether ETFs reported no net flows.
Ether trading volumes also dropped, with total volume falling to $108.59 million from $145.86 million on Wednesday. Ethereum funds have experienced a total of $562.31 million in net outflows since their launch in July.
Economic Outlook
Global markets are now anticipating the release of the latest U.S. non-farm payroll (NFP) data on Friday, a key indicator of economic health. Augustine Fan, head of insights at SOFA.org, noted that the market’s reaction to the NFP report will depend on the specifics of the data.
“The ideal case for equities and BTC will be a report weak enough to slow rate hikes but not so weak that it triggers recession fears,” Fan said.
