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The reduced activity coincided with broader market uncertainty as investors await key economic data releases.
Bitcoin ETFs Record $ETH 194.6M Outflow in Largest Exit Since Nov. 20
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Bitcoin News
Bitcoin News
U.S. spot Bitcoin exchange-traded funds experienced $194.6 million in net outflows on Thursday, marking the largest single-day withdrawal in two weeks. The exodus follows a smaller $14.9 million outflow recorded the previous day.
BlackRock's IBIT led Thursday's withdrawals with $112.9 million in outflows, while Fidelity's FBTC contributed $54.2 million, according to SoSoValue data. VanEck's HODL, Grayscale's GBTC, and Bitwise's BITB also registered negative flows during the session.
Trading volume across the ETF products declined to $3.1 billion on Thursday from $4.2 billion on Wednesday and $5.3 billion on Tuesday. The reduced activity coincided with broader market uncertainty as investors await key economic data releases.

Bitcoin edged down 1.4% over 24 hours to $91,989 as of early Friday morning. The world's largest cryptocurrency briefly dropped to around $84,000 earlier in the week before recovering to current levels.
Nick Ruck, director of LVRG Research, said the outflows appear driven primarily by ongoing unwinds of basis trades. The futures-spot spread compressed below break-even levels, forcing arbitrageurs to sell holdings amid heightened market volatility.
Spot Ethereum ETFs posted $41.6 million in net outflows on Thursday, reversing from $140.2 million in inflows the previous day. Grayscale's ETHE saw the largest withdrawals with $30.9 million, reflecting similar patterns to Bitcoin ETF flows as cryptocurrency markets navigate ongoing volatility.

Traders are closely monitoring upcoming U.S. inflation data reports and the Federal Reserve's Dec. 10 rate decision. Expectations of a 25-basis-point cut could potentially stabilize sentiment if it signals further easing, Ruck noted.

Timothy Misir, BRN's head of research, reported that exchange balances have fallen to roughly 1.8 million Bitcoin, the lowest level since 2017. The data comes from aggregated CryptoQuant and Glassnode information.

Misir said the market opened with quiet strength as accumulation persists and supply thins on exchanges. Price is stabilizing above the True Market Mean, though a clean break into the $BTC 96,000 to $106,000 band remains elusive#Bitcoin❗ #Binance

The defensive rotation into hard assets created a stark three-way divergence between metals, equities, and cryptocurrencies.
Gold and Silver Outpace Bitcoin Amid Fed Policy Concerns
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Bitcoin News
Bitcoin News
Precious metals surged past Bitcoin in yearly returns as traders position for potential Federal Reserve missteps ahead of the Dec. 10 interest rate decision. Silver and gold delivered 86% and 60% returns, respectively, while Bitcoin slipped into negative territory.

Bitcoin posted a negative 1.2% return according to Yahoo Finance data. Ryan McMillin, chief investment officer at Merkle Tree Capital, said a convergence of monetary debasement fears, macro uncertainty, and confused central bank signals pushed precious metals higher.

Investors are positioning for a potential Fed policy error, McMillin noted. This scenario involves the central bank cutting rates while inflation remains above its 2% target.

The specific fear centers on sticky inflation risk, with key indicators like Core PCE trending back toward 3% annually. Services and housing sectors show particular strength in price increases, according to the analyst.

The defensive rotation into hard assets created a stark three-way divergence between metals, equities, and cryptocurrencies. Traditional risk-on equities rallied on their own merits, with the Nasdaq and S&P 500 up 21% and 16%, respectively, year-to-date.
McMillin said equities grinded higher through earnings growth, buybacks, and an AI-driven capital expenditure story. Bitcoin is nursing the October liquidation shock and subsequent deleveraging, ending its sustained uptrend following the ETF launch.
The S&P is experiencing a late-cycle melt-up while Bitcoin undergoes mid-cycle repair, McMillin explained. On-chain data paints a nuanced picture of the cryptocurrency's current position.

Total supply in loss ticked up, signaling capitulation among short-term holders. Experts previously told Decrypt this represents a classic feature of mid-cycle resets rather than bear markets.

Bitcoin has dropped over 26% from its $126,080 record high but stabilized around the true market mean. This level represents the cost basis of all non-dormant coins excluding miners, according to Glassnode's Thursday report.
The true market mean serves as the dividing line between mild bearish phases and deeper bearish territory under general market theory. McMillin expects Bitcoin's disconnect from metals and U.S. equities to be temporary, forecasting the dynamic will eventually follow global liquidity and equity markets higher once order books recover.
Bitcoin's high sensitivity to macro shocks will likely remain unless it reclaims the 0.85 quantile at roughly $106,200, Glassnode analysts wrote. The top cryptocurrency declined 1.3% over 24 hours and has been range-bound between $94,000 and $82,000 for over two weeks, showing continued volatility in the digital asset market.#bitcoin #ETF #Binance