U.S. spot Bitcoin exchange-traded funds burned through a five-day winning streak on Wednesday, posting $277 million in net outflows as Bitcoin's price slipped below $80,000. The pullback comes just after the leading cryptocurrency had rallied to near $83,000, and despite the one-day reversal, the weekly netflow for Bitcoin ETFs remains positive at $768 million.
Ethereum funds also take a hit
Ethereum spot ETFs fared worse on a relative basis, losing over $103 million on the same day. That knocked the weekly netflow for Ethereum funds down to $66 million — a far cry from the hundreds of millions seen in recent weeks.
Bitcoin still up on the week
Despite the Wednesday outflow and price slide to around $79,500 (last seen trading at $79,800), Bitcoin is still up 3.5% over the past seven days. The digital asset had touched $83,000 earlier in the week before the ETF data signaled a shift in sentiment.
What the data tells us
The one-day outflow snapped a five-day inflow streak, a pattern traders had been watching. The SEC approved Bitcoin spot ETFs back in January 2024, and the market has seen periodic swings since. Wednesday's move could be profit-taking after the rally, though the facts don't give a specific trigger.
With the weekly netflow still in positive territory for Bitcoin, the question now is whether Wednesday's outflow is a blip or the start of a broader pullback. Ethereum ETFs, with their much thinner weekly buffer, may be more vulnerable if outflows persist.
