U.S. spot bitcoin ETFs have posted more than $1.6 billion in net outflows over the past four sessions, marking a rapid reversal in investor appetite after a burst of inflows last week.
Bitcoin fell early in Friday’s U.S. trading, sliding back to roughly $88,500 as commodities continued a powerful advance. Silver climbed above $100 an ounce for the first time on record, gold traded just below $5,000, and platinum jumped 5% to a new all-time high. Copper also rallied, rising 2.5% to just shy of its own record, extending the surge across industrial and precious metals.
Crypto-linked equities weakened alongside digital assets. Coinbase shares dropped 2.6%, Strategy fell 1.2%, and bitcoin miners Riot Platforms and MARA Holdings each declined about 2%.
The retreat in crypto came even as U.S. equities recovered from early losses. Major indexes turned mostly higher, with the Nasdaq up roughly 0.4% despite a 15% post-earnings plunge in Intel. The chipmaker beat fourth-quarter expectations but delivered weaker-than-expected guidance for the first quarter, citing constraints in AI chip supply. Intel stock remains up about 17% year to date.
U.S. trading-hour demand softens
Bitcoin’s year-to-date performance during U.S. market hours has weakened noticeably. When prices touched $98,000 last week, cumulative returns during U.S. sessions stood near 9%, according to CoinDesk senior analyst James Van Straten. Those gains have since fallen to around 2%, pointing to fading demand from U.S. investors.
That slowdown has coincided with heavy redemptions from U.S. spot bitcoin ETFs, which have seen more than $1.6 billion exit over the past four trading days.
Jasper De Maere, desk strategist at crypto trading firm Wintermute, said a recent increase in stablecoin conversions into fiat suggests some institutional investors who re-entered the market earlier this year may now be stepping back.
