U.S. BTC ETFs Record Single-Day Net Outflow of $680M Amid Market Correction

On Thursday, U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded their largest single-day outflows, as investors withdrew $680 million amid a market correction. The withdrawal halted a 15-day streak of continuous inflows.

The outflow surpassed the previous record set on May 1; these ETFs saw $564 million in withdrawals following a 10% BTC price drop, bringing its value to $60,000 over a week.

FBTC Records Highest Outflows

Fidelity’s FBTC recorded the highest outflows on Thursday, losing $208.6 million, as per data from SoSoValue. Grayscale’s Bitcoin Mini Trust followed with $188.6 million in withdrawals, while Ark and 21Shares’ ARKB ETF registered $108.4 million in outflows. Other notable losses included $87.9 million from Grayscale’s GBTC, $43.6 million from Bitwise’s BITB, and smaller amounts from VanEck and Valkyrie.

In contrast, BlackRock’s IBIT, the largest spot bitcoin ETF by net assets, reported no outflows during the day. WisdomTree’s BTCW was the only ETF among the 12 to attract positive flows, gaining $2 million.

Market Correction Creates Buying Opportunity 

Following a hawkish statement from Federal Reserve Chair Jerome Powell on Thursday, Bitcoin’s price fell below $100,000. At press time, the cryptocurrency trades at around $94,700, reflecting a 6.91% drop over 24 hours.

Market analysis by Santiment suggests the recent price drop might offer a buying opportunity. The platform noted that Bitcoin’s 30-day Market Value to Realized Value (MVRV) ratio, which tracks traders’ average profitability, has fallen to its lowest level since the October rally, standing at -1.9%. The negative ratio indicates that many traders are incurring losses, which could signal a market correction and create favorable conditions for strategic investors.

Amid the market sentiment, Bitcoin mining company MARA Holdings (formerly Marathon Digital) has taken a bullish stance by significantly increasing its BTC holdings. According to CoinTab, the firm purchased 15,574 BTC worth approximately $1.53 billion, with an average purchase price of $98,529 per bitcoin. The acquisition boosted MARA’s year-to-date Bitcoin yield to 60.9%, reflecting the company’s strong performance amid Bitcoin’s price trends.