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Second-Worst Capital Exit In History
The 11 spot BTC ETFs collectively bled approximately $869.86 million in assets, the second-highest single-day outflow sum in their 22-month history after the $1.14 billion daily outflows on Feb. 25, 2025, according to data source SoSoValue.
Grayscale’s Bitcoin Mini Trust led the exodus, recording $318.2 million in outflows. BlackRock’s iShares Bitcoin Trust (IBIT), the biggest spot BTC fund with over $80 billion in assets under management, bled $256.6 million in investor money. The Fidelity Wise Origin Bitcoin Fund (FBTC) saw over $119 million leave the fund.
Interest in these vehicles has waned recently amid risk aversion, with investors withdrawing $2.64 billion over three weeks.
Meanwhile, Canary Capital’s spot XRP exchange-traded fund (XRPC) opened with $58 million in day-one trading volume, the strongest debut of any fund this year.
 
Bitcoin Plummets
Thursday’s outflows aligned with a rocky day for the crypto market, with Bitcoin plummeting below the psychological $100,000 level. BTC plunged even deeper on Friday to as low as $94,702 — roughly 24% off its all-time high registered in early October, per CoinGecko.
The retrace came despite President Trump signing a temporary funding bill on Wednesday to reopen the government, ending the longest shutdown in U.S. history. The move was speculated to bolster market confidence, but that clearly hasn’t been the case.
But according to Ki Young Ju, founder and CEO of crypto intelligence platform CryptoQuant, the Bitcoin bull market remains intact until the price drops below the $94,000 mark, or the average cost basis of investors who purchased the asset in the last six to 12 months.
“Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions,” said Young Ju in a Friday post on X.