US spot Bitcoin ETFs extended their losing streak with $133.3 million in net outflows on Wednesday, bringing weekly losses to $238 million. The sell-off, led by BlackRock‘s iShares Bitcoin Trust, occurred as Bitcoin briefly fell below $66,000 and market sentiment remains in “Extreme Fear.” In contrast, spot Solana ETFs recorded their sixth consecutive day of inflows, bucking the broader negative trend.
US-listed spot Bitcoin exchange-traded funds continued to see investor withdrawals as market sentiment remained negative. Bitcoin briefly dipped below $66,000 during the session.
Spot Bitcoin ETFs recorded $133.3 million in net outflows on Wednesday, according to SoSoValue data. This brought the weekly losses to $238 million.
BlackRock’s iShares Bitcoin Trust led the outflows with over $84 million exiting. Trading volumes remained subdued at less than $3 billion.
If the ETFs fail to recover in Thursday and Friday sessions, this week will mark the first five-week outflow streak since last March. Year-to-date, Bitcoin ETFs have seen about $2.5 billion in outflows.
While Ether and XRP ETFs also posted daily outflows, Solana funds continued to buck the trend. Solana ETFs have recorded a six-day streak of inflows.
Year-to-date gains for Solana ETFs total around $113 million. Trading activity, however, remains subdued compared with past months.
The ongoing sell-off coincides with the Crypto Fear & Greed Index signaling persistent negative sentiment. The index has remained mostly in “Extreme Fear” territory.
At the time of writing, Bitcoin traded at $67,058, down about 24% year-to-date. Analysts at Standard Chartered have predicted BTC could fall as low as $50,000.
According to the analytics platform CryptoQuant, Bitcoin’s short-term Sharpe ratio has reached levels historically associated with “generational buying zones.” CryptoQuant analyst Ignacio Moreno De Vicente stated, “The arrows in the chart illustrate this clearly: each prior extreme negative reading was followed by violent recoveries to new highs.”
