Bitcoin ETFs Record $434M Outflows Amid BTC Slide Below $70K

Cointelegraph reports that spot Bitcoin ETFs recorded $434 million in net outflows on Thursday, following $545 million in redemptions the previous day. Data from SoSoValue shows Monday’s $561 million in inflows was not enough to offset losses, leaving net weekly outflows at about $690 million as of Friday morning.

The latest withdrawals came amid a sharp drop in Bitcoin’s price, which briefly touched $60,000 for the first time since October 2024, according to CoinGecko. The community has struggled to identify clear catalysts for the downturn, and some have criticized Bitcoin ETFs for enabling "paper Bitcoin".

Technical analyst Bob Kendall said, "The same 1 BTC can now support an ETF unit, a future contract, a perpetual swap, an options delta, a broker loan, a structured note. All at once." He added, "That is not a market. That is a fractional reserve price system." As of Friday, total assets in spot Bitcoin ETFs stood at about $81 billion, with cumulative net flows totaling $54.3 billion, according to SoSoValue.