CoinDesk
Bitcoin traded around $73,400, down 0.7% since midnight UTC, as U.S. spot Bitcoin ETFs extended their outflow streak to five days. The funds lost $299.9 million on Wednesday, bringing withdrawals over the run to approximately $1.44 billion, according to SoSoValue. BlackRock's IBIT accounted for $269.7 million of Wednesday's outflows.
Why it matters
The ETF withdrawals coincided with a broader technology selloff. Nvidia shares fell around 7% in premarket trading after reports about CEO Jensen Huang and the company's board. Nvidia had not announced a decision on its leadership. Nasdaq-100 futures fell 0.6%, giving back part of Wednesday's CoreWeave-led rally.
Ether traded around $2,044, down 0.5% since midnight UTC, while the CoinDesk 80 Index fell 1%. The ETF data point to sustained redemptions from a major channel for U.S. investors to gain Bitcoin exposure.
Market impact
Crypto futures trading also cooled. Over 24 hours, volume fell 20.64% to $168.6 billion and open interest dropped 2.92% to $125.8 billion. Liquidations totaled $263.7 million, with long positions accounting for 64.5% of the total.
Bitcoin futures open interest fell 2.9% and volume dropped 27.6%, while market orders skewed toward selling. In options, one-week Bitcoin puts carried a premium of about 11% over calls. Traders were also watching initial jobless claims and any decision from Nvidia's board.
Frequently asked questions
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How much did BlackRock's IBIT lose on Wednesday?
IBIT accounted for $269.7 million of the $299.9 million withdrawn from U.S. spot Bitcoin ETFs on Wednesday. It was the fund's ninth consecutive session of redemptions.
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What happened to Nvidia shares and Nasdaq-100 futures?
Nvidia shares fell around 7% in premarket trading after reports about CEO Jensen Huang and the company's board. Nasdaq-100 futures fell 0.6%.
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How did Ether perform during the selloff?
Ether traded around $2,044, down 0.5% since midnight UTC. The CoinDesk 80 Index fell 1%.
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What happened to crypto futures activity?
Over 24 hours, futures volume fell 20.64% to $168.6 billion and open interest dropped 2.92% to $125.8 billion. Long positions accounted for 64.5% of $263.7 million in liquidations.
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What did Bitcoin options indicate about demand for downside protection?
One-week Bitcoin puts carried a premium of about 11% over calls, reflecting the relative price of downside protection.
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