Spot Bitcoin ETFs have seen net outflows for two consecutive weeks. What exactly are institutions pulling out of?
Over the past two weeks, what caught my attention most wasn’t the price, but ETF fund flows.
1. Let’s start with the numbers. According to Farside data cited by Cointelegraph, U.S. spot Bitcoin ETFs saw combined net outflows of about $2.35 billion over the past two weeks. Outflows totaled about $1.07 billion from Monday to Friday, the largest weekly redemption since late June. BlackRock’s IBIT has seen net outflows for 11 consecutive trading days. On Friday alone, IBIT saw $143.5 million in outflows, while Fidelity’s FBTC saw $41.9 million.
2. Why are investors pulling out? October’s CPI rose 0.4% month over month, above expectations of 0.3%. Treasury yields climbed, the dollar strengthened, and markets began discussing the possibility of rate hikes. On top of that, major IPOs are drawing away some risk appetite, and ETF positions—which can be redeemed at any time—are often among the first to be sold.
3. My take: ETF flows were once the most important source of buying pressure in this rally. Now they’ve shifted from a tailwind to a headwind. However, the pace of outflows is slowing: about $300 million on Wednesday, $280 million on Thursday, and $185 million on Friday. I’m more interested in when we’ll see the first day of net inflows than in trying to guess where the bottom is.
Do you consider ETF flows a key indicator for determining market direction, or do you pay more attention to on-chain and futures data?
#比特币ETF #BTC #机构资金 #Macro Market
Over the past two weeks, what caught my attention most wasn’t the price, but ETF fund flows.
1. Let’s start with the numbers. According to Farside data cited by Cointelegraph, U.S. spot Bitcoin ETFs saw combined net outflows of about $2.35 billion over the past two weeks. Outflows totaled about $1.07 billion from Monday to Friday, the largest weekly redemption since late June. BlackRock’s IBIT has seen net outflows for 11 consecutive trading days. On Friday alone, IBIT saw $143.5 million in outflows, while Fidelity’s FBTC saw $41.9 million.
2. Why are investors pulling out? October’s CPI rose 0.4% month over month, above expectations of 0.3%. Treasury yields climbed, the dollar strengthened, and markets began discussing the possibility of rate hikes. On top of that, major IPOs are drawing away some risk appetite, and ETF positions—which can be redeemed at any time—are often among the first to be sold.
3. My take: ETF flows were once the most important source of buying pressure in this rally. Now they’ve shifted from a tailwind to a headwind. However, the pace of outflows is slowing: about $300 million on Wednesday, $280 million on Thursday, and $185 million on Friday. I’m more interested in when we’ll see the first day of net inflows than in trying to guess where the bottom is.
Do you consider ETF flows a key indicator for determining market direction, or do you pay more attention to on-chain and futures data?
#比特币ETF #BTC #机构资金 #Macro Market