U.S.-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded record outflows on Thursday, while CME futures premiums fell into single digits amid signs of weakening near-term demand.
Investors withdrew $671.9 million in net assets from 11 ETFs, ending the 15th consecutive day of inflows, according to data from Coinglass and Farside Investors. This is the largest single day since the launch on January 11th.
Fidelity’s FBTC and Grayscale’s GBTC led the outflow, with losses of $208.5 million and $188.6 million, respectively. Other funds also recorded outflows, with BlackRock’s IBIT hitting zero for the first time in weeks.
Bitcoin extended its losses after the Fed on Thursday, falling to $96,000, down nearly 10% from its high of $108,268 earlier this week.
The bearish sentiment was reflected in derivatives markets, with the annual premium for CME-regulated one-month Bitcoin futures falling to 9.83%, the lowest in a month, according to data source Amberdata.
Falling premiums mean cash and carry arbitrage bets, including long ETF positions and short CME futures positions, are less profitable than before. ETFs may therefore continue to see weak demand in the near term.
The Ether ETF also recorded net outflows of $60.5 million. This is the first time since November 21st. Ethereum has fallen 20% since surpassing $4,100 before the Federal Reserve’s decision on Wednesday.