Bitcoin ETFs Extend Sell-off On Thursday, Post $90M Net Outflows

Key Insights:

• Bitcoin ETFs posted net outflows of $90.19 million on Thursday; three funds posted inflows
• BlackRock and Fidelity led outflows yesterday, with Franklin, Grayscale, and Valkyrie posting inflows.
• BTC ETFs’ net outflows marked a two-day net outflow streak while BTC hovered near $70,000.

US Bitcoin (BTC) spot exchange-traded funds (ETFs) reported net outflows of $90.19 million on Thursday, with BlackRock leading outflows. BTC price resurfaced above $70,000 after closing Thursday at $69,921.

Ethereum spot ETFs posted $136.41 million in net outflows. Solana spot ETFs posted net inflows of $767.01K. Chainlink spot ETFs posted net inflows of $3.34 million.

Bitcoin ETFs Mark 2-Day Outflow Streak Despite $11.89M Inflow

BlackRock (NASDAQ: IBIT) posted a $38.25 million outflow on Thursday, bringing its net assets to $55.19 billion. Fidelity (CBOE: FBTC) shed $26.02 million; Grayscale (NYSE: GBTC) shed $5.47 million; Bitwise (NYSE: BITB) posted $17.18 million in outflows; Ark 21Shares (CBOE: ARKB) offloaded $15.16 million.

Meanwhile, three funds posted inflows, totaling $11.89 million. Grayscale (NYSE: BTC) posted inflows of $4.66 million; Franklin (CBOE: EZBC) reported an inflow of $4.06 million; and Valkyrie (NASDAQ: BRRR) posted inflows of $3.17 million.

Bitcoin ETF daily flows | Source: SoSoValue

Weekly net inflow stands at $147.28 million, reflecting a sharp dip owing to two consecutive days of net outflows. Net outflows on Wednesday were $163.52 million.

Ethereum ETFs’ net outflows for Thursday stood at $136.41 million. BlackRock (NASDAQ: ETHA) recorded the largest outflow at $102.31 million, followed by Fidelity (CBOE: FETH), which shed $11.76 million. ETH ETFs also marked a two-day net outflow streak on Thursday.

BTC ETFs’ outflows rise as BTC struggles to break $70,000. No signs of abatement have appeared in the war between Iran and the US-Israel coalition.

BTC Struggles Near $70K, Trader Gives US Derivatives Warning

Bitcoin price closed Thursday’s session below $70,000. BTC hovered above $70,000 for over a week amid rising war-related volatility. Brent crude surged past the $118 mark yesterday.

BTC traded at $70,612 at press time, reflecting a 1% spike over Wednesday’s close. Bitcoin liquidations totaled $146 million; longs accounted for the larger share at $111.5 million.

Notably, Bitcoin might display heightened volatility as US stock index futures, stock index options, stock options, and single stock futures are set to expire today. These derivatives expire four times a year — the third Friday of the third, sixth, ninth, and twelfth months of the year.

Source: Max Crypto on X

Analyst and market commentator Max Crypto noted in an X post: “During 3 of the last 4 quadruple witching, $BTC dropped 7%-8% before a bounce back.”

Bitcoin bounced from the $69,000 mark yesterday. Another market commentator, Ted Pillows, noted in an X post that BTC would likely bounce again before plummeting. The realized price level of $54,390 remains a prominent strong support zone for BTC.

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