US spot Bitcoin and Ether exchange-traded funds posted $530 million in combined net outflows Thursday, reversing the prior session's $128 million inflows as Bitcoin tumbled below $76,000 and the Nasdaq Composite suffered its worst session since April 2025.
Key Takeaways
- Combined Bitcoin and Ether ETF outflows hit $530M Thursday, fully reversing Wednesday's $128M inflows.
- Fidelity's FBTC led with $200M outflows; BlackRock's IBIT extended its outflow streak to five days (>$1B since Oct 30).
- Bitcoin fell below $76,000 as Nasdaq plunged 5.5%, worst day since April 2025, confirming high crypto-equity correlation.
- Analysts eye $75,000 Bitcoin support and Nasdaq stabilization for potential near-term bottom Friday.
- Year-to-date Bitcoin ETF flows turned negative at ~$510M, highlighting fragility of institutional accumulation trend.
Executive Intelligence Brief
Flow Breakdown by Issuer
Bitcoin ETFs accounted for $430 million of the outflows, with Ether funds shedding approximately $100 million, according to SoSoValue data. Fidelity's Wise Origin Bitcoin Fund (FBTC) led withdrawals with roughly $200 million in outflows, a sharp reversal from the $237 million it attracted Wednesday. BlackRock's iShares Bitcoin Trust (IBIT) recorded $105 million in net outflows, extending its withdrawal streak to five consecutive sessions and pushing total outflows since October 30 beyond $1 billion.
Year-to-date net flows for Bitcoin ETFs now stand at approximately negative $510 million, underscoring the fragility of the post-launch accumulation trend.
Market Transmission: Crypto-Equity Correlation Intensifies
The ETF exodus coincided with a 5.5% plunge in the tech-heavy Nasdaq Composite, its largest single-day decline since April 2025, according to Reuters. Bitcoin's retreat from above $80,000 to below $76,000 mirrored the equity rout, reinforcing the asset class's status as a high-beta risk instrument rather than a diversifier in acute stress periods.
Analyst Michaël van de Poppe suggested on X that both the Nasdaq and Bitcoin could find a near-term bottom Friday, potentially after Bitcoin sweeps the $75,000 level. The severity of the Nasdaq decline, he argued, increases the probability of a short-term oversold bounce.
Macro Context: Not a 2008 Replay
Dean Lyulkin, CEO of Cardiff and founder of The Dean's List, pushed back on crisis comparisons in comments shared with Cointelegraph. He noted that the 2008 global financial crisis was preceded by substantial Federal Reserve rate hikes and a weakening housing market, conditions not fully present today. While acknowledging vulnerabilities in commercial real estate, private credit, and potentially excessive AI capital expenditure, Lyulkin emphasized that household balance sheets and the banking system are considerably stronger than in 2008.
Forward Outlook: Key Levels and Flow Signals
Immediate focus centers on whether Bitcoin holds above $75,000 and whether the Nasdaq stabilizes after its historic single-day decline. A sustained recovery in equity risk appetite would likely be a prerequisite for ETF flows to revert to positive territory. The five-day IBIT outflow streak, representing over $1 billion in redemptions, will be a critical barometer of institutional sentiment; a break in that streak would signal renewed confidence. Conversely, further outflows could push year-to-date Bitcoin ETF flows deeper into negative territory.
