Bitcoin ETFs face fresh outflows, Fidelity’s FBTC tops the list

Spot Bitcoin exchange-traded funds in the United States reverted to outflows on Feb. 6 as Bitcoin continued trading below the crucial $100K level, needed for its next leg higher.

According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $140.3 million in outflows on Thursday, breaking a two-day streak of inflows that had totaled $407 million.

Fidelity’s FBTC led the outflows with $103.25 million in redemptions, followed by Grayscale’s GBTC, which saw $42.21 million withdrawn. Meanwhile, Bitwise’s BITB was the only ETF to record inflows, attracting $5.15 million from investors.

Other spot Bitcoin funds, including BlackRock’s IBIT, saw no net flows for the day.

The total trading volume of the 12 Bitcoin ETFs surged to $2.45 billion on Feb. 6, up from $2.04 billion recorded the previous day.

Macroeconomic pressure drives ETF outflows

Bitcoin ETFs saw renewed outflows after Bitcoin and altcoins remained under pressure on Feb. 5, following a stronger-than-expected private payrolls report from ADP, the largest payroll processor in the U.S.

The report came just ahead of the official nonfarm payrolls report, where economists expect job growth to slow to 154,000 jobs in January, down from 256,000 the previous month.

Crypto and stock investors closely monitor U.S. employment data, as it plays a key role in the Federal Reserve’s interest rate decisions. A strong labor market could prompt the Fed to keep rates higher for longer as inflation remains above the 2% target, potentially delaying the two rate cuts expected this year.

At press time, Bitcoin (BTC) was trading at $97,341, down 0.5% on the day.

Ether ETFs extend inflow streak to seven days

While Bitcoin ETFs faced fresh outflows, Ether ETFs recorded their seventh consecutive day of inflows on Feb. 6, with $10.65 million entering the market—all of which went into BlackRock’s ETHA ETF, while other funds saw no net flows.

Spot Ether ETFs have seen a surge in demand over the past week, attracting over $500 million in inflows from Jan. 30 to Feb. 5, representing 16% of total inflows since launch.

At press time, Ethereum (ETH) was trading at $2,711, posting a steeper loss of 4.1% over the past day compared to Bitcoin.