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US Bitcoin ETFs experience historic outflows amid brutal market downturn
In a shocking turn of events, United States-based Bitcoin exchange-traded funds (ETFs) have recorded the largest single-day withdrawals in their history. This unprecedented move comes as a result of the cryptocurrency market’s brutal sell-off following the Federal Reserve’s recent rate cut decision.
According to Farside Investors data, US spot Bitcoin ETFs witnessed historic outflows totaling approximately $672 million on Thursday. This significant withdrawal marks the end of a two-week positive streak for the 11 funds that directly hold Bitcoin.
Fidelity’s Bitcoin Fund (FBTC) led the exodus with a staggering $208.5 million in withdrawals, while Grayscale’s Bitcoin Mini Trust (BTC) recorded its lowest point since launch with over $188 million in net outflows. ARK Invest’s Bitcoin ETF (ARKB) and Grayscale’s Bitcoin Trust (GBTC) also saw substantial losses, with ARKB shedding a substantial $108 million and GBTC dropping nearly $88 million.
Interestingly, three competing ETFs managed by Bitwise, Invesco, and Valkyrie collectively lost $80 million. BlackRock’s iShares Bitcoin Trust (IBIT), which has amassed an impressive $1.9 billion in net inflows thus far this week, remained unaffected by the market downturn, reporting zero flows for the day.
Conversely, WisdomTree’s Bitcoin Fund (BTCW) emerged as the sole gainer, attracting a modest $2 million in new investments.
Bitcoin’s price plummeted below $96,000 during the market downturn and currently trades at around $97,000, down 4% over the past 24 hours, according to CoinGecko data. The sudden decline across all assets triggered an astonishing $1 billion in leveraged liquidations on Thursday, as reported by Crypto Briefing.
The market turbulence follows the Fed’s hawkish messaging after its rate cut decision, where it indicated fewer cuts in 2025. Despite ongoing price volatility, the Crypto Fear and Greed Index remains stagnant at 74, down only one point from yesterday, suggesting continued greed sentiment among investors.
In related news, Pudgy Penguins’ highly anticipated PENGU token is set to launch tomorrow with a Binance listing and airdrop, further fueling market uncertainty.
Source: cryptobriefing.com
