By Timmy Shen
Markets • November 14, 2025, 1:35AM EST
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Spot bitcoin ETFs in the U.S. saw $869.9 million exit the funds on Thursday, marking their second-largest outflows on record.
Bitcoin fell 6.4% in the past 24 hours to $96,956 as of the time of writing.
U.S. spot bitcoin exchange-traded funds reported $869.9 million in net outflows on Thursday, marking their second-largest outflows on record.
Grayscale's Bitcoin BTC -6.09%
Mini Trust led the outflows with $318.2 million, according to SoSoValue data. BlockRock's IBIT recorded $256.6 million in net outflows, while Fidelity's FBTC saw $119.9 million leave the fund. Grayscale's GBTC, along with ETFs from Ark and 21Shares, Bitwise, VanEck, Invesco, Valkyrie, and Franklin Templeton, also posted net outflows.
Thursday's exits marked the ETFs' second-largest daily net outflows since launch. The largest outflows occurred on Feb. 25, 2025, when the funds saw $1.14 billion leave in a single day.
"Large outflows signal a risk-off reset, reflecting institutions pulling back amid macro noise," said Vincent Liu, CIO of Kronos Research. "This flow weighs on short-term momentum but doesn't dent the broader structural demand. These bleed-outs align with oversold conditions, opening doors for long-term opportunists."
Min Jung, research associate of Presto Research, shared similar views. "It signals a broad de-risking across markets," said Jung. "Investors are pulling capital from higher-beta assets and rotating into safety, reflecting uncertainty around the Fed's path and deteriorating macro sentiment."
The outflows on Thursday coincided with a broader crypto market sell-off. Bitcoin fell 6.4% in the past 24 hours to $96,956 as of 2:30 a.m. ET Friday, according to The Block's price page.
Liu of Kronos said that bitcoin's decline came from a "liquidity let-down," as "cascading liquidations met a thinning bid stack."
"Demand support is clustered around the $92k to $95k cushion zone, with buyers gradually rebuilding depth. Until fresh flows refill the books, volatility stays front and center," said Liu.
"We're currently sitting at what should be a support zone but, should we go lower, I wouldn't be surprised to see prices drop to the next key level, in the lower $90Ks," said Justin d'Anethan, head of research at markets advisory firm Arctic Digital. "I suspect those levels would be seen by many as a buying opportunity, especially for all those left on the sidelines when BTC, not that long ago, was pushing past the mid $120Ks."
Presto's Jung noted that the pullback had no single catalyst and the move appears "driven by a mix of macro uncertainty and weakening risk appetite."
"ADP and NFIB data point to a softening labor market, reinforcing an 'easing with caution' stance from the Fed heading into the December FOMC," said Jung.
Rate-cut expectations have also reset, with the odds of a December cut dropping to 52.1%, according to CME Group's FedWatch.
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