Spot bitcoin ETFs post a two-day outflow
The first back-to-back withdrawal since late July, and it arrived on a day when softer inflation lifted equities.
$192M▼ −63,000two-day spot ETF outflow
2 minWall Street & RWA
Spot bitcoin exchange-traded funds recorded outflows on consecutive days for the first time since late July, with $192 million leaving the products. Bitcoin traded below $63,000, at $62,847.04, its lowest since 3 August and down 1.14% since midnight UTC — enough to erase the previous week's rally.
The timing is the part worth noting. US producer price inflation came in at 4.7%, below forecasts, and equities took it well: both the S&P 500 and the Nasdaq 100 rallied. Bitcoin did not.
What the other numbers say
Positioning did not unwind alongside price. Bitcoin open interest rose more than 3% to 765,000 BTC, and 30-day implied volatility fell below 36%. Bitcoin Cash showed the same divergence more sharply: spot down 3% while open interest gained 10%. Ether declined 0.73% to $1,876.07.
Rising open interest against a falling price, with implied volatility compressing rather than expanding, describes positions being added rather than closed. That is a different picture from a liquidation, and it is the reason a two-day outflow of this size is a data point rather than an event.
For allocators watching the ETF complex as a proxy for institutional demand, the useful observation is the decoupling: an inflation print that moved equity indices produced no bid here. Whatever the ETF flow is tracking this week, it is not the macro surprise.
Retold from CoinDesk. This is a summary in our own words; follow the link for the original reporting.