On Thursday, US spot Bitcoin and Ethereum exchange-traded funds ( ETF ) saw a total net outflow of approximately $530 million, due to a significant decline in the cryptocurrency market.
According to SoSoValue data, Bitcoin (BTC) ETF recorded a net outflow of approximately $430 million, while Ethereum (ETH) funds saw an outflow of about $100 million.
This reversal occurred on Wednesday, when the two combined to have a net inflow of $128 million; at that time, Bitcoin briefly rose above $80,000 after the Democrats won the mid-term elections in the United States.
According to Reuters, Bitcoin fell below $76,000 on Thursday, while the Nasdaq Composite Index, which has a higher weight of tech stocks, tumbled 5.5%, recording its largest single-day decline since April 2025.
According to Farside Investors data, Fidelity's Wise Origin Bitcoin Fund ( FBTC ) was the product with the largest redemptions on Thursday, with a net outflow of approximately 200 million US dollars; whereas on Wednesday, the fund attracted about 237 million US dollars in capital inflows.
After the close on Thursday, Bitcoin's net outflow from the beginning of ETF to date is approximately $510 million.
After the market sell-off, analysts assess the outlook
Cryptography analyst Micha ël van de Poppe stated on Thursday that as the decline on NASDAQ intensifies, Bitcoin may find a short-term bottom on Friday, and it might fall below $75,000 first.
He wrote, "I expect NASDAQ to hit bottom tomorrow. The same goes for Bitcoin, which may first pass through $75,000."
The CEO, founder of the investment publication The Dean, Dean Lyulkin, stated that the current market environment is different from that before the 2008 financial crisis.
Lyulkin acknowledges the vulnerabilities in commercial real estate, private lending, and possibly excessive spending on artificial intelligence, but he believes that today's household balance sheets and banking systems are much stronger.
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