Bitcoin ETFs Experience Third Consecutive Day of Outflows, Totaling $494M
Bitcoin (BTC) remains locked in a trading range established since mid-November, while U.S. spot bitcoin exchange-traded funds (ETFs) have now recorded three straight days of outflows, amounting to $494 million.
Wednesday marked the largest outflow of the three-day stretch, with $251 million exiting the funds. Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the withdrawals, seeing $102 million in outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) recorded $22.1 million, according to data from Farside.
The outflows occurred alongside low ETF trading volumes, with total volume on Wednesday reaching just $2.58 billion. IBIT, which typically ranks among the top five most traded ETFs when bitcoin experiences a rally, saw its volume drop below $2 billion, placing it as the tenth most traded U.S. ETF, per Coinglass data.
A recent Goldman Sachs filing further highlights the subdued demand for new net long positions in these ETFs, which are predominantly used as trading instruments rather than long-term holdings.
Bitcoin is currently priced at $96,000, remaining within its established range of $90,000 to its all-time high of $109,000.
