Bitcoin exchange-traded funds recorded $635 million in net outflows on Wednesday, according to Cointelegraph, marking their largest single-day withdrawal since late January. The move came as Bitcoin slipped back below $80,000, with redemptions led by BlackRock’s IBIT amid profit-taking and price swings near that level.
The selling pressure added another sharp turn to a market that has been trading close to the key $80,000 threshold. Cointelegraph said the withdrawals were the biggest since late January, highlighting renewed volatility in the spot ETF market after recent gains.
What the latest ETF flows show
- Net outflows: $635 million on Wednesday
- Scale: Largest since late January, per Cointelegraph
- Lead fund: BlackRock’s IBIT
- Market backdrop: Bitcoin trading near and then below $80,000
Bitcoin Faces Pressure as ETF Investors Pull Back
Cointelegraph linked the outflows to profit-taking and wider swings in Bitcoin’s price. The report did not provide additional fund-by-fund data in the excerpted material.
The latest move leaves traders watching whether Bitcoin can stabilize around the $80,000 area or extend lower. For now, the main development is clear: U.S. spot Bitcoin ETFs just logged a large one-day withdrawal, and the market is still reacting to sharp price moves around a closely watched level.
Analysts say the ETF withdrawals are an important signal because spot Bitcoin funds have become one of the biggest sources of institutional demand since launching in the U.S. earlier this year. When large funds like BlackRock’s IBIT see heavy redemptions, it can create additional short-term pressure on Bitcoin’s price as fund managers adjust holdings to meet investor withdrawals. Some market watchers believe the latest selling reflects investors locking in profits after Bitcoin’s strong rebound from April lows.
At the same time, several analysts caution that one day of large outflows does not necessarily signal a broader long-term trend reversal. Previous periods of sharp ETF withdrawals have often been followed by renewed inflows once volatility settles. CryptoQuant analysts told Cointelegraph that Bitcoin is now testing a major resistance area near its 200-day moving average around $82,400, while on-chain data suggests stronger support could emerge closer to the $70,000 range if the correction deepens.