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Bitcoin has pulled back to levels below $80,000 after US spot Bitcoin ETF netflow data showed a notable capital exit, reversing a recent period of inflows.
SoSoValue data indicates that US Bitcoin spot exchange-traded funds (ETFs) recorded a red day, with outflows breaking a prior positive run. Spot ETFs provide indirect exposure to Bitcoin: when investors buy shares, the funds purchase and custody the digital asset on their behalf, allowing holders to track Bitcoin’s price movement without directly interacting with blockchain infrastructure.
Spot ETFs were approved by the US Securities and Exchange Commission (SEC) in January 2024. The products have since gained traction with more traditional investors, including institutional participants, contributing to their growing role in the sector.
SoSoValue’s chart of netflows shows that US spot Bitcoin ETFs had mostly posted net inflows recently, aligning with a broader recovery in digital assets. April saw net outflows on seven days, with withdrawal sizes described as smaller than average inflows for the month.
The month ended with a three-day net outflow streak, but early May brought renewed momentum, with a 5-day green streak. During that period, Bitcoin rallied toward the $83,000 level.
In the past day, the trend shifted again. The chart shows a “red spike” in netflows, and the funds collectively saw $277 million in outflows. Bitcoin retraced back below $80,000 alongside the change in ETF flows.
While the latest outflows were significant, they were not enough to fully negate the recent inflow trend. The week’s netflow for Bitcoin spot ETFs remains positive at $768 million.
US Ethereum spot ETFs also saw a red spike on Thursday, with more than $103 million exiting the funds. Unlike Bitcoin, the Ethereum outflows were described as strong enough to offset recent inflows, leaving weekly netflow at $66 million.
At the time of writing, Bitcoin is trading around $79,800, up 3.5% over the past week.
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