U.S.-Listed Bitcoin (BTC) Exchange-Traded Funds (ETF) Registered Record Outflows Thursday

The CME futures premium dropped into single digits in a sign of weakening short-term demand.

U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) saw record outflows on Thursday, while the CME futures premium dropped to single digits, signaling weaker short-term demand.

Investors pulled a net $671.9 million from the 11 ETFs, marking the largest single-day outflow since their launch on Jan. 11, according to data from Coinglass and Farside Investors. This ends a 15-day streak of inflows into the funds.

Fidelity's FBTC and Grayscale's GBTC led the outflows with $208.5 million and $188.6 million, respectively. Other funds also saw outflows, with BlackRock's IBIT seeing its first zero in several weeks.

Bitcoin extended its post-Federal Reserve losses on Thursday, trading at $96,000, down nearly 10% from the record high of $108,268 seen earlier this week.

The bearish sentiment was also evident in the derivatives market, where the annualized premium in the CME's regulated one-month bitcoin futures fell to 9.83%, the lowest in over a month, according to data source Amberdata.

A decline in the premium impacts cash-and-carry arbitrage trades, which involve taking a long position in the ETF and a short position in the CME futures. Lower premiums result in lower yields from these trades, which may contribute to the weaker short-term demand for the ETFs.

Ether ETFs also saw a net outflow of $60.5 million, the first since Nov. 21. Ether has lost about 20% since trading above $4,100 prior to the Fed's decision on Wednesday.