US Bitcoin, Ether ETFs shed $530M as election rally fades

United States spot Bitcoin and Ether exchange-traded funds recorded approximately $530 million in net outflows on Thursday, reversing the previous day’s inflows as cryptocurrency prices retreated and broader equity markets suffered significant losses.

Bitcoin exchange-traded funds accounted for $430 million of the total withdrawals, while Ether funds lost around $100 million, according to data from SoSoValue. The heavy outflows followed $128 million in combined inflows on Wednesday, when digital asset prices had risen on news of Democratic victories in US midterm elections.

Market retreat extends IBIT outflow streak

The sell-off coincided with a broad decline in risk assets. Bitcoin fell below $76,000, while the tech-heavy Nasdaq Composite plunged 5.5%, marking its largest single-day drop since April 2025, Reuters reported.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the withdrawals with roughly $200 million in outflows, Farside Investors data showed. This marked a sharp turnaround for the fund, which had attracted approximately $237 million on Wednesday.

BlackRock’s iShares Bitcoin Trust (IBIT) recorded $105 million in net outflows, extending its withdrawal streak to five consecutive sessions. Since October 30, investors have pulled more than $1 billion from the trust. Following Thursday’s trading close, year-to-date net outflows for Bitcoin ETFs stood at approximately $510 million.

Analysts assess near-term price levels

Market participants monitored key support levels as volatility increased. Crypto analyst Michaël van de Poppe stated on social media platform X that Bitcoin could find a near-term bottom on Friday, potentially after dipping below $75,000, citing the severity of the Nasdaq’s decline as a contributing factor.

Despite the sharp correction, some industry observers cautioned against drawing parallels to past systemic crises. Dean Lyulkin, CEO of Cardiff and founder of investment publication The Dean’s List, argued that the current market environment differs from the period leading up to the 2008 financial crisis.