Spot Bitcoin ETFs See Record Withdrawals as CME Futures Premium Signals Weaker Demand

The U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETF) registered grounds outflows Thursday and the CME futures premium dropped into azygous digits successful a motion of weakening short-term demand.

Investors ended a 15-day streak of inflows by withdrawing a nett $671.9 cardinal from the 11 ETFs, the largest single-day tally since their inception connected Jan. 11, according to information from Coinglass and Farside Investors.

Fidelity's FBTC and Grayscale's GBTC led the outflows, losing $208.5 cardinal and $188.6 million, respectively. Other funds registered outflows, too, and BlackRock's IBIT scored its archetypal zero successful respective weeks.

Bitcoin extended its post-Fed losses Thursday, falling to $96,000, down astir 10% from the grounds precocious of $108,268 seen aboriginal this week.

The bearish sentiment was mirrored successful the derivatives market, wherever the annualized premium successful the CME's regulated one-month bitcoin futures fell to 9.83%, the lowest successful implicit a month, according to information root Amberdata.

A diminution successful the premium means cash-and-carry arbitrage bets involving a agelong presumption successful the ETF and a abbreviated presumption successful the CME futures output little than they did earlier. As such, the ETFs whitethorn proceed to spot anemic request successful the short-term.

Ether ETFs besides registered a nett outflow, $60.5 million. That's the archetypal since Nov. 21. Ether has dropped 20% since levels supra $4,100 earlier Wednesday's Fed decision.