US spot Bitcoin and Ether exchange-traded funds (ETFs) reversed course on Thursday, recording roughly $530 million in combined net outflows as broader crypto markets slid sharply.

According to SoSoValue, Bitcoin (BTC) spot ETFs saw about $430 million in net withdrawals, while Ether (ETH) funds lost around $100 million. The sell-off came after a rebound session on Wednesday, when combined inflows totaled $128 million following Democrats’ election wins in the US midterms—an outcome that had lifted Bitcoin briefly above the $80,000 level.

Key takeaways

Spot Bitcoin and Ether ETFs posted about $530 million in net outflows on Thursday, reversing Wednesday’s $128 million inflow streak.
SoSoValue data shows Bitcoin ETFs accounted for the majority of withdrawals (around $430 million), with Ether ETFs losing roughly $100 million.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led withdrawals with approximately $200 million, while BlackRock’s IBIT recorded about $105 million.
Bitcoin dipped back below $76,000 as US tech stocks weakened; Reuters flagged the Nasdaq Composite’s biggest single-day decline since April 2025.
Despite Thursday’s drop, analysts are watching for potential stabilization if equity weakness bottoms out.

ETFs reverse after election-fueled rebound

The ETF outflows underscore how quickly risk appetite can fade when equity markets turn. Wednesday’s inflow data had captured a short-lived shift in sentiment after Democrats’ midterm victories, when Bitcoin briefly pushed above $80,000. On Thursday, that momentum dissipated as Bitcoin fell back below $76,000.

Reuters reported that the Nasdaq Composite plunged 5.5% on Thursday—its largest single-day drop since April 2025—highlighting the growing sensitivity of crypto to broader US market swings. In this backdrop, ETF investors appeared to reduce exposure to both majors rather than look past the sell-off.

For broader context, SoSoValue tracking put year-to-date spot ETF net outflows at roughly $510 million following Thursday’s closing bell, implying that the market’s current ETF flow pattern remains dominated by withdrawals rather than sustained inflows.

Fidelity leads outflows; IBIT extends withdrawal streak

Issuer-level data pointed to Fidelity as the main driver of the day’s outflows. Farside Investors data, cited in the reporting, showed that Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded about $200 million in net outflows on Thursday, after drawing approximately $237 million in net inflows on Wednesday.

BlackRock’s iShares Bitcoin Trust (IBIT) added another $105 million in net outflows. The withdrawals extended IBIT’s outflow streak to five consecutive sessions, with more than $1 billion withdrawn since Oct. 30—an important detail for investors tracking the persistence of risk-off ETF positioning.

While the day’s totals were large, the pattern suggests investors are not simply reacting to a one-day move in spot prices. Instead, flow data indicates continued caution from ETF holders, particularly around periods when US equities—especially the Nasdaq—deteriorate.

Analysts look to a near-term “bottom,” but macro risks remain

As markets sold off, some crypto strategists tried to anchor expectations around potential stabilization. On X, analyst Michaël van de Poppe suggested Bitcoin could find a near-term bottom Friday, potentially after dipping below $75,000. His view tied the timing to the Nasdaq’s expected stabilization, pointing to the link between crypto and high-beta equity momentum.

Other commentary took a more structural perspective. Dean Lyulkin, CEO of Cardiff and founder of The Dean’s List, told Cointelegraph that today’s environment should not be directly equated with the pre-2008 period that preceded the global financial crisis. He argued that the 2008 crisis was not caused by election outcomes, noting that the Federal Reserve had already raised interest rates substantially and that weaknesses in the housing market were in motion before the crisis fully unfolded.

Lyulkin acknowledged that there are vulnerabilities worth monitoring—particularly around commercial real estate, private credit, and potentially excessive spending in areas such as artificial intelligence. However, he emphasized that household balance sheets and the banking system are stronger today than in the run-up to 2008. That framing matters for crypto investors because it suggests that, even if markets are volatile, the underlying macro transmission channels may be different from past crisis periods.

What investors should watch next

With ETF flows, spot prices, and Nasdaq momentum all moving together, the near-term focus should be whether equity weakness actually resolves—or deepens further. If ETF outflows persist alongside continued risk-off moves, it could reinforce bearish positioning; if flows stabilize while stocks stop sliding, it may indicate that Thursday’s reversal was a short-term correction rather than the start of a longer drawdown.