US Spot Bitcoin ETFs Shed About $1.16B Over Three Sessions as Bitwise Sees Selling as Short-Lived

Spot bitcoin exchange-traded funds in the US recorded net redemptions of about $1.16 billion over three trading sessions, according to an analysis from Bitfinex. Several outlets reported the same headline figure, though some summaries did not give the exact period.

Bitwise's André Dragosch tied the outflows to softer market sentiment rather than a structural withdrawal. He said institutions have mostly kept their existing exposure, which suggests the redemptions could fade.

Bitfinex notes that after the US midterm elections bitcoin briefly slipped to the short-term holder cost basis near $75,839. It then climbed back to a zone between $77,000 and $80,000 that Bitfinex treats as support. The analysis credits the rebound mainly to perpetual futures leverage and short covering rather than spot or ETF buying, and notes that ETF outflows and holder distribution continued.

The mechanism matters because ETF redemptions remove a channel of institutional spot demand. If the bounce rests on derivatives, it may prove fragile unless spot buying returns. Bitfinex flags Friday's non-farm payrolls report as the next test.