On February 6, spot Bitcoin exchange-traded funds (ETFs) in the United States experienced significant outflows as Bitcoin’s price remained below the critical $100,000 mark necessary for its upward movement.
Data indicates that the 12 spot Bitcoin ETFs recorded outflows totaling $140.3 million on Thursday, ending a two-day inflow streak that had reached $407 million.
Leading the outflows was Fidelity’s FBTC, with $103.25 million withdrawn, closely followed by Grayscale’s GBTC, which saw a $42.21 million redemption. In contrast, Bitwise’s BITB was the sole ETF to register inflows, attracting $5.15 million from investors.
Other spot Bitcoin funds, like BlackRock’s IBIT, reported no significant net flows for the day.
Total trading volume for the 12 Bitcoin ETFs rose to $2.45 billion on February 6, up from $2.04 billion the previous day.
Macroeconomic Factors Influence ETF Performance
The recent outflows from Bitcoin ETFs coincided with ongoing pressure on Bitcoin and altcoins, particularly following a stronger-than-anticipated private payrolls report from ADP, the leading payroll processor in the U.S.
This report was released just prior to the official nonfarm payrolls report, with economists projecting job growth will slow to 154,000 jobs for January, down from 256,000 in December.
U.S. employment data is closely monitored by crypto and stock investors as it influences Federal Reserve interest rate decisions. A robust labor market may lead the Fed to maintain higher rates for a prolonged period due to persistent inflation exceeding the 2% target, potentially shifting the timeline for anticipated rate cuts.
At the time of reporting, Bitcoin (BTC) was trading at $97,341, reflecting a 0.5% decline for the day.
Ether ETFs Continue Streak of Inflows
While Bitcoin ETFs faced ongoing outflows, Ether ETFs achieved their seventh consecutive day of inflows on February 6, with $10.65 million entering the market, all attributed to BlackRock’s ETHA ETF, as other funds did not see any net changes.
Spot Ether ETFs have experienced remarkable demand in the past week, accumulating over $500 million in inflows from January 30 to February 5, accounting for 16% of total inflows since their inception.
At present, Ethereum (ETH) was trading at $2,711, marking a steeper decline of 4.1% within the same timeframe compared to Bitcoin.
