Spot bitcoin exchange-traded funds in the U.S. saw $3.2 billion in net outflows in the past eight days amid a broader crypto and equity market sell-off.
Bitcoin ETFs have recorded only four days of net inflows so far this month, resulting in a monthly net outflow of $3.65 billion, according to data from SoSoValue. An eight-day outflow streak matches the August 2024 streak as the longest since the bitcoin funds' inception.
On Tuesday, spot bitcoin ETFs reported a record amount of net outflows of $1.14 billion. BlackRock's IBIT, the largest bitcoin ETF by net assets, witnessed its largest-ever net outflow of $418 million the following day.
However, the latest $275.8 million in net outflows on Thursday was relatively moderate compared to outflows from prior days. IBIT led net outflows yesterday with $189 million. Bitwise's BITB was the only fund to report net inflows — worth $17.6 million.
With the latest outflows, the cumulative total net inflows of the 12 bitcoin funds stand at $36.85 billion, which is at the lowest level since Jan. 14. The ETFs hold $94.3 billion in net assets, which is around 5.7% of the bitcoin market capitalization.
Meanwhile, spot ether ETFs also saw $71 million in net outflows on Thursday, recording six straight days of net outflows totaling $315 million.
Mass outflows from spot crypto ETFs in the U.S. coincide with the biggest crypto market downturn since pro-crypto Donald Trump's reelection brought positive winds to the crypto industry. However, Trump's tariff policies started to strain investor sentiment. "Trump's tariff announcements have sent stock and crypto prices plummet as investors turn to a long-term negative outlook for the U.S. economy," said Nick Ruck, director at LVRG Research. "Being so tied to the performance of the U.S. economy, the crypto industry struggles to find a footing as investors sell risk assets."
The entire crypto market is down 7.41%, with bitcoin down 7% in the last day to dip below $80,000 and ether dropping 9.9% to around $2,100, according to The Block's crypto price page. The GMCI 30 Index, measuring the performance of top 30 cryptocurrencies, is down 8.3%.
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