US Bitcoin ETFs See $410M Outflow Amid Macro Pressure
U.S. spot Bitcoin ETFs experienced $410 million in net outflows on Thursday, a sharp reversal of earlier weekly inflows that tested institutional conviction. The redemptions coincide with Bitcoin's price stalling near $66,400. In response to the outflows and Federal Reserve uncertainty, Standard Chartered slashed its 2026 Bitcoin price target to $100,000. Media analysis suggests a divergence, with retail investors panic-selling while institutions have reportedly continued to accumulate.
- The $410 million net outflow was not isolated to a single fund; BlackRock's IBIT saw the largest single outflow at $157.6 million, with Fidelity's FBTC following with a $104.1 million withdrawal. Grayscale's GBTC and Ark Invest's ARKB also experienced significant redemptions of $59.12 million and $31.55 million, respectively. - This event marked the second consecutive day of significant withdrawals, bringing the two-day total outflow to $686.27 million. Unless Friday sees a major reversal, the funds are on pace for their fourth straight week of losses. - The outflows coincided with Bitcoin's price dropping, briefly dipping to $65,250. This price is approximately 48% down from its all-time high of $126,080, which was set in October 2025. - In response to the market conditions, Standard Chartered not only cut its 2026 Bitcoin price target from $150,000 to $100,000 but also warned of a potential drop to $50,000 before any recovery. This is a significant revision from their $300,000 forecast in December of the previous year. - While spot Bitcoin ETFs saw heavy outflows, other digital asset funds were also affected. Ether ETFs faced $113.1 million in outflows, and XRP ETFs saw their first redemptions since early February. In contrast, Solana ETFs managed to attract minor inflows of $2.7 million. - Despite the recent negative flows, the cumulative net inflows into U.S. spot Bitcoin ETFs since their launch two years ago remain substantial at $54.31 billion. These funds currently hold about 6.34% of the total Bitcoin market capitalization. - The recent price decline has brought the average investment in U.S. spot Bitcoin ETFs to around the $62,000 level, indicating that many recent investors are now underwater on their positions. - Stronger-than-expected U.S. payroll data was one of the macroeconomic triggers cited for the sell-off, increasing uncertainty around potential Federal Reserve interest rate decisions.
