Bitcoin ETFs Saw $430.2 Million in Thursday Outflows

U.S. spot Bitcoin ETFs recorded $430.2 million in net outflows Thursday, according to Farside Investors, as a broad technology-stock selloff coincided with a wave of risk reduction across exchange-traded products. Fidelity’s Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) led the exits.

Fidelity’s FBTC lost $199.9 million and BlackRock’s IBIT shed $105 million. Together, the two funds accounted for about 71% of Thursday’s withdrawals, concentrating roughly seven in ten of the day’s net withdrawals in two funds.

Which other funds saw redemptions?

Grayscale’s GBTC lost $49.9 million, while Franklin Templeton’s EZBC shed $32.9 million. No fund in Farside’s table recorded positive net flows Thursday, although several reported no net movement. The figures show a uniform session in direction, but sharply different redemption totals by issuer.

How sharp was the one-day reversal?

The latest withdrawals brought this week’s net outflow to $869.8 million, following a $643.2 million outflow last Friday. Wednesday’s modest $74.6 million inflow offered only a brief reprieve before Thursday’s reversal erased more than the entire one-day return.

Fidelity’s swing was especially pronounced. FBTC attracted $236.7 million Wednesday, then surrendered nearly $200 million the next session. BlackRock’s IBIT lost $201.2 million even on Wednesday’s positive flow day, extending a five-session withdrawal streak since October 30 to roughly $1.04 billion.

What did the equity selloff signal?

Thursday’s redemptions arrived as the Nasdaq Composite plunged 5.5% and the S&P 500 fell about 4.4%. Chipmakers and data-center stocks led the decline as investors questioned the pace of artificial-intelligence spending and potential restrictions after the U.S. midterm elections.

Bitcoin also surrendered its post-election rebound, falling back toward $76,000 after trading above $80,000 Wednesday. Short liquidations had helped power the earlier rally, making the subsequent reversal more painful for leveraged traders. The ETF figures sit alongside that move, though they do not establish a single cause.

What do ETF flows actually measure?

ETF flows have often been treated as a gauge of demand from investors accessing Bitcoin through regular brokerage accounts. The latest figures show that access works in both directions: the familiar wrapper that makes buying easy also makes exiting straightforward.

Because ETFs trade on stock exchanges, investors can adjust their Bitcoin exposure without transferring coins to a crypto wallet. That convenience can also make the funds an easy place to cut risk during an equity selloff. Daily net flows capture shares created or redeemed at the fund level, not every trade between investors.

Those mechanics limit what the flow data can prove. Net flows measure creations minus redemptions, but they cannot reveal whether holders raised cash to cover losses elsewhere, trimmed Bitcoin exposure, or rebalanced portfolios. Thursday’s total therefore documents a large shift in ETF exposure without identifying the motivation behind each redemption.

The distinction matters when sizing the headline. A net flow total describes changes in ETF shares, not every transaction involving Bitcoin or every investor’s position. Reading it as a complete measure of market demand would therefore claim more than the underlying creation-and-redemption data can support.

The next daily flow print will show whether broad redemptions persist, while continued exchange trading keeps Bitcoin exposure easy to reduce without moving coins to crypto wallets.