Bitcoin ETFs Experience Four-Day Outflow Streak as BTC Stalls Near $83,000

Bitcoin spot exchange-traded funds (ETFs) faced net outflows of $509.70 million on January 30, marking the fourth day of redemptions in just five trading sessions. Notably, BlackRock’s IBIT led the charge with outflows of $528.30 million, while Fidelity’s FBTC was one of the few funds to see positive inflows, attracting $7.30 million.

Key Takeaways

Bitcoin ETFs recorded a total of $509.70 million in outflows on January 30, continuing a trend of redemptions.
BlackRock’s IBIT experienced the largest outflows, while Fidelity’s FBTC was among the few funds with positive inflows.
The total outflow for Bitcoin ETFs over the past two weeks reached approximately $2.82 billion.
Ethereum spot ETFs also faced significant outflows, totaling $252.87 million on the same day.

Bitcoin ETFs extend four-day outflow streak

Over the week ending January 30, the total outflows reached $1.49 billion, following the previous week's outflow of $1.33 billion. Bitcoin struggled to maintain its price near $83,000, primarily due to the ongoing selling pressure from Bitcoin ETFs, which reduced total net assets from $115.88 billion on January 23 to $106.96 billion. Cumulative total net inflows also dropped from $56.49 billion to $55.01 billion.

Significant Outflow on January 29

The outflow trend accelerated on January 29, which saw the largest single-day withdrawal of $817.87 million since the series of outflows began. A lesser amount of $147.37 million was recorded on January 27, followed by a smaller $19.64 million on January 28. Interestingly, January 26 saw a tiny reprieve with $6.84 million in inflows before redemptions resumed.

Bitcoin ETFs data: SoSo Value

On January 30, Ark & 21Shares’ ARKB received $8.34 million in inflows, while VanEck’s HODL attracted $2.96 million. However, Grayscale’s GBTC and other notable ETFs, including Bitwise’s BITB, Invesco’s BTCO, and others showed no flows at all. The total value traded on January 30 dropped to $5.32 billion from $7.51 billion the day before.

Over the two-week period from January 20 to January 30, Bitcoin ETFs experienced a severe drain of approximately $2.82 billion, with BlackRock’s IBIT maintaining cumulative net inflows of $61.96 billion and Fidelity’s FBTC accumulating $11.27 billion.

Ethereum ETFs Facing Outflows as Well

Ethereum spot ETFs also recorded significant outflows on January 30, totaling $252.87 million, with BlackRock’s ETHA contributing $157.16 million to these redemptions and Fidelity’s FETH accounting for $95.71 million. Consequently, total net assets for Ethereum products fell from $17.70 billion on January 23 to $15.86 billion.

The cumulative total net inflow for Ethereum dropped from $12.30 billion to $11.97 billion, with the total value traded at $1.80 billion on January 30. Ethereum ETFs have been on a negative trend, posting outflows in three of the last four trading days, including withdrawals of $155.61 million on January 29 and $63.53 million on January 27. There was a brief resurgence on January 28, which recorded $28.10 million in inflows, but the selling pressure quickly resumed.

In summary, both Bitcoin and Ethereum ETFs have seen significant outflows recently, reflecting a broader trend of market adjustments, as investors navigate through the dynamic landscape of cryptocurrency.