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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.
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 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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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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