Bitcoin’s price has corrected by about 6% since hitting its all-time high on November 13, as profit-taking sets in following the recent surge.
On Thursday, U.S.-listed bitcoin exchange-traded funds (ETFs) experienced their third-largest outflow since their launch, with a total of $400.7 million leaving the funds, according to data from Farside.
Bitcoin’s price fluctuated between $86,600 and $92,000 during the trading session, reflecting some volatility after surpassing $93,000 earlier this week. While the recent pullback represents a nearly 6% decline from the peak, such corrections are common after bitcoin reaches new all-time highs. Over the past three days, investors have withdrawn around $15 billion in profits, as reported by Glassnode. Bitcoin’s price has risen more than 25% since Donald Trump’s election, fueling bullish sentiment.
While some bitcoin ETFs saw significant outflows, others continue to see inflows. BlackRock’s IBIT fund attracted $126.5 million, maintaining a strong upward trend in inflows since November 7. However, other funds saw more substantial withdrawals, including Fidelity’s FBTC ($179.2 million), Bitwise’s BITB ($113.9 million), and Ark’s ARKB ($161.7 million). Additionally, Grayscale products combined for $74.9 million in outflows.
This was the third largest outflow day for bitcoin-linked ETFs, following similar withdrawals on November 4 ($541.1 million) and May 1 ($563.7 million). Both of those instances were followed by market rebounds, with bitcoin bottoming around $67,000 and $60,000, respectively, before embarking on strong rallies.
As the market waits to see if this current outflow signifies another bottom, traders are looking for signs of a recovery in bitcoin’s price action.
Meanwhile, ether ETFs also saw their first outflow in nearly two weeks, with $3.2 million being withdrawn, signaling a possible shift in investor sentiment.
