Spot Bitcoin ETFs saw a single-day outflow of nearly $200 million, hitting a two-week high, as basis trade unwinding accelerates withdrawals.

U.S. spot Bitcoin ETFs recorded a net outflow of $194.6 million on Thursday, marking the largest single-day outflow since November 20 and intensifying short-term risk-off sentiment in the market. According to SoSoValue data, BlackRock’s IBIT led the outflow chart with a single-day outflow of $112.9 million; Fidelity’s FBTC saw an outflow of $54.2 million, while VanEck’s HODL, Grayscale’s GBTC, and Bitwise’s BITB also continued their trend of capital withdrawal.

This outflow extended Wednesday’s net outflow of $14.9 million and was accompanied by a continued decline in trading volume—total ETF trading volume on Thursday dropped to $3.1 billion, a significant decrease from $4.2 billion on Wednesday and $5.3 billion on Tuesday. This “weak volume and price” structure further reflects the rising market wait-and-see sentiment.

As of 1:30 a.m. ET on Friday, Bitcoin’s price had slipped 1.4% over the past 24 hours to $91,989. Earlier this week, BTC briefly fell to around $84,000 but quickly rebounded. According to LVRG Research head Nick Ruck, this round of large-scale outflows mainly came from basis trade unwinding: as the spread between futures and spot prices shrank below the breakeven point, arbitrageurs were forced to sell holdings amid increased volatility.

Macroeconomic data remain a key focus for traders. The market is awaiting the latest U.S. inflation data and the results of the Federal Reserve’s December 10 meeting. If the Fed cuts rates by 25 basis points, it may ease tensions and provide short-term support for risk assets.

On-chain structure remains positive. BRN Research head Timothy Misir pointed out, citing CryptoQuant and Glassnode data, that Bitcoin balances on exchanges have dropped to around 1.8 million coins, the lowest since 2017, indicating “continued accumulation of Bitcoin and a still-solid supply squeeze structure.” However, he also noted that BTC has yet to break through the $96,000 to $106,000 range.

Ethereum ETFs also weakened. Spot Ethereum ETFs saw a net outflow of $41.6 million on Thursday, with Grayscale’s ETHE alone recording a single-day outflow of $30.9 million. The previous day, these products had just seen a net inflow of $140.2 million, indicating a rapid reversal of sentiment in the ETH ecosystem sector as well.

Overall, this round of large-scale outflows from Bitcoin ETFs highlights the market’s cautious stance amid macro uncertainty and changes in arbitrage structures, and short-term volatility may continue to intensify. (The Block)