Spot bitcoin ETFs in the United States faced one of their toughest trading days on record Thursday, posting nearly 903.11 million dollars in net outflows. It was the second-largest daily withdrawal since the products launched, according to data from SoSoValue.
Eight funds saw money leave, with BlackRock’s IBIT leading the decline at 355.5 million dollars in outflows. Grayscale’s GBTC followed with 199.35 million dollars, and Fidelity’s FBTC shed another 190.4 million dollars. Funds from Bitwise, Ark and 21Shares, VanEck, and Franklin Templeton also reported steady redemptions.
The last time outflows ran this high was in late February, when a shock tariff announcement from President Donald Trump pulled markets sharply lower. Rachael Lucas, crypto analyst at BTC Markets, said Thursday’s activity reflects a definite shift in mood.
“This is a big sentiment change from the steady inflows we saw earlier this month,” she said. “And it’s not just crypto. Nvidia’s accounts receivable spike rattled equity markets, and when tech giants stumble, liquidity tightens everywhere. Bitcoin feels that pressure quickly.”
Nvidia posted 62 percent year-over-year revenue growth in its latest quarterly report, but traders grew nervous as accounts receivable reached 33.4 billion dollars, much of it tied to only four major customers. Shares slid 3.15 percent by the close on Thursday.
Broader markets echoed that caution. The S&P 500 dropped 1.56 percent and the Nasdaq Composite fell 2.15 percent. Crypto-related stocks were hit harder: Coinbase tumbled 7.44 percent, BitMine lost more than 10 percent, and Strategy slid 5 percent. Bitcoin itself continued its decline, trading below 86,000 dollars as stronger U.S. jobs data reduced hopes for a December rate cut.
Despite the heavy selling, Lucas pointed out that longer-term ETF inflows remain solid.
“Cumulative inflows are still at 57.4 billion dollars, and total net assets sit at 113 billion dollars, about 6.5 percent of Bitcoin’s market cap,” she said. “Institutions haven’t abandoned ship; they’re just trimming sails. Extreme fear often sets the stage for opportunity, but timing is everything.”
Ethereum ETFs also saw pressure, recording 261.6 million dollars in combined outflows across five funds.
In contrast, newly launched altcoin ETFs attracted fresh interest. Bitwise’s XRP fund pulled in 105 million dollars on launch day. Spot Solana ETFs recorded 23.66 million dollars in inflows across offerings from Bitwise, 21Shares, and Fidelity. Canary Capital’s HBAR ETF brought in 747,370 dollars, while its Litecoin fund saw no flows.
As markets digest mixed macro signals and shifting risk appetite, investors are watching for signs of stability. For now, volatility remains front and center across both crypto and equities.
