A single-day net outflow of approximately $580 million from U.S.-listed Bitcoin and Ethereum spot ETFs has been detected, signaling a shift in institutional investors. The large-scale capital outflow, occurring without a sharp price drop, suggests the outflow stems from a risk adjustment driven by macroeconomic changes rather than negative factors inherent in cryptocurrencies.
Bitcoin spot ETFs experienced a net outflow of approximately $357 million. Redemptions were evenly distributed across major products, including Fidelity, Ark, and Bitwise, while BlackRock's IBIT showed a flat trend with neither net inflows nor outflows. On the same day, Ethereum spot ETFs also saw an outflow of approximately $224 million, recording the largest daily outflow this month.
It's noteworthy that despite massive capital outflows, Bitcoin and Ethereum prices have maintained a recent range-bound pattern. This suggests that ETF fund flows more directly reflect institutional investors' portfolio adjustment strategies than short-term market prices.
The market is interpreting this outflow as part of a broader de-risking trend across risky assets, driven by factors such as a correction in US tech stocks, uncertainty surrounding the Federal Reserve's policy, and rising Treasury yields. Analysts suggest that institutional investors are adjusting their cryptocurrency holdings through spot ETFs, the most liquid asset.
Experts see this capital movement as a process by which institutional investors are rebalancing their risky asset allocations amid an uncertain macroeconomic environment, rather than signaling a trend reversal.
