Bitcoin ETFs Suffer $494 Million in Outflows Amidst Price Stagnation
Bitcoin (BTC) has continued to trade within a narrow range, as U.S. spot bitcoin exchange-traded funds (ETFs) face substantial outflows totaling $494 million over the last three days.
On Wednesday, the largest of these outflows occurred, amounting to $251 million. Among the most impacted, Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $102 million exit, while BlackRock’s iShares Bitcoin Trust (IBIT) experienced a $22.1 million outflow, as detailed by Farside data.
These withdrawals coincide with a notable drop in ETF trading volume. Total volume for Wednesday was just $2.58 billion, with IBIT registering under $2 billion, placing it outside the top 10 most traded ETFs, according to Coinglass. This is a stark contrast to its typical performance, where it usually ranks among the top five during periods of bitcoin price movement.
The recent filings from Goldman Sachs further underline a lack of strong demand for bitcoin ETFs, indicating that most institutional investors are adopting a cautious approach, using the ETFs primarily for short-term trading rather than long-term positions.
Bitcoin is currently holding steady at $96,000, hovering in the middle of its established trading range between $90,000 and its peak of $109,000 since mid-November.
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