Bitcoin ETFs Record Largest Outflow Since October as BTC Dips Below $70K
The streak of inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) has come to an end, with $163.5 million in net outflows recorded on Wednesday.
The Fidelity Wise Origin Bitcoin Fund, trading as FBTC, led all redemptions with approximately $104 million in outflows, followed by BlackRock's iShares Bitcoin Trust ETF, known as IBIT, which saw $34 million in net withdrawals.
Bitcoin had climbed above $75,000 earlier in the week before pulling back sharply to below $71,000 on Wednesday, coinciding with the outflow session and a deterioration in market sentiment.
Kyle Rodda, senior financial market analyst at Capital.com, pointed to overlapping macro pressures as the backdrop for the reversal, citing rising inflation expectations, higher energy costs tied to conflict in the Middle East, and a broader reassessment of interest rate forecasts.