Spot bitcoin exchange-traded funds in the U.S. posted their second-largest daily outflow since their inception.
According to data from SoSoValue, the bitcoin funds reported a total daily net outflow of $903.11 million on Thursday, led by outflows from eight ETFs.
BlackRock's IBIT, the largest spot bitcoin ETF in terms of net assets, saw $355.5 million in net outflows, while Grayscale's GBTC saw $199.35 million in outflows. Fidelity's FBTC saw $190.4 million leave the fund, alongside outflows from Bitwise, Ark & 21Shares, VanEck and Franklin Templeton's fund.
Thursday's total net outflows is the highest amount since Feb. 25, when President Donald Trump's surprise announcement of new trade tariffs triggered a massive sell-off across equity and crypto markets.
"[This is] a big sentiment shift from steady inflows earlier this month," said Rachael Lucas, crypto analyst at BTC Markets. "And it’s not just crypto bleeding, Nvidia’s accounts receivable spike spooked equity markets, triggering a broader risk-off move. When tech giants wobble, liquidity tightens everywhere, and Bitcoin feels the pinch."
Nvidia, the world’s most valuable chipmaker, delivered a 62% year-over-year growth in revenue in its Q3 report on Wednesday, sending stock prices initially higher. However, concerns grew among equity traders as detailed reports revealed that accounts receivable had surged to $33.4 billion — with a significant share concentrated in just four unnamed customers — raising fears of delayed payments and softening demand from large-cap clients. Nvidia closed down 3.15% on Thursday at $180.64.
Alongside Nvidia, the S&P 500 fell 1.56% and the Nasdaq Composite dipped 2.15% on Thursday. Crypto stocks saw steeper losses — Coinbase lost 7.44%, BitMine dropped 10.83%, Strategy fell 5%. Bitcoin continued to fall on Thursday under $86,000, as the recently released U.S. employment data further clouded optimism for an interest rate cut in December, adding more pressure to crypto traders.
"But here’s the nuance: cumulative ETF inflows still sit at $57.4B, and total net assets are $113B, about 6.5% of Bitcoin’s market cap," Lucas said. "Institutions haven’t abandoned ship; they’re just trimming sails. Extreme fear often precedes opportunity, but timing is everything."
Meanwhile, spot Ethereum ETFs also saw a total daily net outflow of $261.6 million across five funds.
Newly launched altcoin ETFs continued to draw inflows. Notably, Bitwise's XRP fund reported $105 million in inflows on launch day. Spot Solana ETFs saw a total of $23.66 million in positive flows across funds from Bitwise, 21Shares and Fidelity. Canary Capital's HBAR ETF reported $747,370 in inflows, while the firm's Litecoin fund saw zero flows for the day.
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