U.S. spot Bitcoin exchange-traded funds recorded $430.2 million in net outflows on Thursday, with Fidelity’s FBTC and BlackRock’s IBIT accounting for most of the withdrawals. The selling coincided with a sharp drop in technology stocks, which spread into crypto markets. The Nasdaq Composite fell 5.5 percent on the day.
Fund flows concentrated in two products
Fidelity’s Wise Origin Bitcoin Fund, known as FBTC, saw $199.9 million leave on Thursday. BlackRock’s iShares Bitcoin Trust, IBIT, lost $105 million. Together the two funds accounted for 71 percent of the day’s outflows.
Grayscale’s GBTC shed $49.9 million, and Franklin Templeton’s EZBC lost $32.9 million. Net flows measure share creations minus redemptions, not every trade between investors.
A volatile week for the funds
Spot Bitcoin ETFs had taken in $74.6 million on Wednesday, a day when FBTC drew $236.7 million and IBIT lost $201.2 million. For the week to Thursday, net outflows reached $869.8 million. The previous Friday had seen $643.2 million leave the funds.
IBIT has now logged five straight sessions of redemptions since October 30, cumulatively about $1.04 billion. Bitcoin had traded above $80,000 on Wednesday, helped by short liquidations, before giving up its post-election rebound and falling back toward $76,000.
Tech weakness spreads to crypto
Chipmakers and data-center stocks led the Nasdaq decline as investors questioned the pace of AI spending and possible restrictions after the U.S. midterm elections. The S&P 500 fell roughly 4.4 percent. By our market data, the S&P 500 stood at 7,376.86 points at the 6 November close.
Bitcoin was trading at $75,836 in our measurement as of 01:35 GMT on 7 November, down 0.22 percent on the day.
Related: US Bitcoin ETFs record $635.5 million outflow, largest since June · Bitcoin ETFs draw $526.7 million as Ether and Solana funds bleed
Data: S&P Dow Jones Indices · CoinGecko
