Spot Bitcoin exchange-traded funds in the United States recorded their highest outflow day on Jan. 8 over the last three weeks as Bitcoin briefly dipped under $93k, resulting in market-wide panic among investors.
According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $582.9 million in outflows on Tuesday, ending a three-day inflow streak that had brought nearly $2 billion into these funds. The outflows on Tuesday also marked the highest since Dec. 19, when these investment products experienced $680 million in outflows.
Fidelityโs FBTC led the outflows on Jan. 8, with $258.69 million withdrawn from the fund, followed by ARK 21Sharesโ ARKB, which saw $148.3 million in outflows. Even BlackRockโs IBIT, which had managed to offset the outflows from other BTC ETFs on its own the previous day, recorded outflows of $124.05 million yesterday,
Valkyrieโs BRRR and Bitwiseโs BITB funds added to the negative momentum, with $14.1 million and $11.26 million withdrawn from the respective funds. More modest outflows were recorded by Invesco Galaxyโs BTCO, Grayscaleโs GBTC and Franklin Templetonโs EZBC, with $9.38 million, $8.94 million and $8.17 million, respectively.
Daily trading volume for these investment vehicles stood at $3.4 billion on Jan.8 much lower than the $4.62 billion recorded the previous trading day.
The record outflows on Tuesday came as Bitcoinโs price fell below $93K amid macroeconomic concerns, signaling expectations of a more hawkish stance from the Federal Reserve following its recent minutes, which hinted at persistent inflation under the incoming Trump administration.
The bearish news for cryptocurrencies, combined with the significant outflows seen yesterday, pushed Bitcoin (BTC) down by 1.4% at press time, trading slightly above $94,000.
Meanwhile, according to an earlier report by crypto.news, analysts expect a drop below the key $95,000 support level to potentially trigger a further slump for the leading crypto asset, with BTC targeting $88K.
