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U.S. Bitcoin ETFs See Third Straight Day of Outflows, Totaling $494M, as BTC Stalls
Bitcoin continues to trade in a range that it has set since mid-November.
Updated Feb 13, 2025, 11:59 a.m. Published Feb 13, 2025, 11:52 a.m.
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What to know:
- U.S. spot listed bitcoin ETFs witness three consecutive days of outflows totaling $494 million.
- Bitcoin price continues to stall out hovering around $96,000, stuck in a trading range since mid-November.
U.S. spot-listed bitcoin exchange-traded funds (ETFs) have seen three consecutive days of outflows totaling $494 million. Wednesday's outflows were the largest of the three, with $251 million, which saw BlackRock's iShares Trust (IBIT) register a $22.1 million outflow, with Fidelity Wise Origin Bitcoin Fund (FBTC) registering the largest outflow of $102 million, according to Farside data.
The outflows coincided with low volume in the ETFs, and Wednesday saw a total of just $2.58 billion in volume. IBIT registered less than $2 billion in volume, which put it as the tenth most traded U.S. ETF, according to Coinglass data. IBIT typically falls into the top 5 most traded ETFs when bitcoin surges or gains momentum.
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The lack of demand shown in the recent Goldman Sachs filing of the bitcoin ETFs shows the lackluster demand for new net long positions in these ETFs, which are primarily used as trading vehicles.
Bitcoin is currently at $96,000, in the middle of a trading range between $90,000 and its all-time high of $109,000, which began in mid-November.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
What to know:
- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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