US spot Bitcoin and Ether exchange-traded funds (ETFs) recorded roughly $530 million in combined net outflows on Thursday as cryptocurrency markets sold off sharply.

Bitcoin (BTC) funds posted $430 million in net outflows, while Ether (ETH) products lost about $100 million, according to SoSoValue data. Daily figures like these, tracked by market data providers, have become a routine public gauge of investor demand for the products since US spot Bitcoin ETFs began trading in January 2024, with spot Ether funds following in July of that year.

The outflows reversed Wednesday's session, when the funds drew a combined $128 million in inflows and Bitcoin briefly climbed above $80,000 following Democratic victories in the US midterm elections, as Cointelegraph reported.

The rebound proved short-lived. Bitcoin fell back below $76,000 on Thursday, and the tech-heavy Nasdaq Composite plunged 5.5%, its biggest single-day decline since April 2025, according to Reuters.

Fidelity leads Bitcoin ETF outflows

Fidelity's Wise Origin Bitcoin Fund (FBTC) led Thursday's withdrawals with roughly $200 million in outflows, a sharp turnaround after attracting around $237 million in inflows on Wednesday, according to Farside Investors data.

BlackRock's iShares Bitcoin Trust (IBIT), which began trading alongside the first US spot Bitcoin ETFs in January 2024, recorded another $105 million in net outflows, extending its withdrawal streak to five consecutive sessions. More than $1 billion has left the fund since Oct. 30.

Following Thursday's closing bell, Bitcoin ETFs' year-to-date net outflows stood at around $510 million.

Analysts weigh outlook after sell-off

Crypto analyst Michaël van de Poppe said in a post on X on Thursday that Bitcoin could find a near-term bottom on Friday, potentially after dipping below $75,000, pointing to the severity of the Nasdaq's decline.

"I expect Nasdaq to bottom tomorrow. The same for Bitcoin, potentially after sweeping $75,000," he wrote.

Dean Lyulkin, CEO of Cardiff and founder of investment publication The Dean's List, said the current market environment differs from the period leading up to the 2008 financial crisis.

"The global financial crisis wasn't caused by Democrats taking Congress," Lyulkin said in comments shared with Cointelegraph, noting that the Federal Reserve had already raised interest rates substantially and the housing market was weakening before the crisis.

While acknowledging vulnerabilities in commercial real estate, private credit and potentially excessive artificial intelligence spending, Lyulkin argued that household balance sheets and the banking system are considerably stronger today.

As Cointelegraph reported, Bitcoin crashed 6% to a seven-week low as US stocks erased their post-election gains.

Attention now turns to Friday's session, when trackers including SoSoValue and Farside Investors are set to publish the next round of flow figures, offering a further read on whether the IBIT withdrawal streak extends and how Bitcoin trades around the $75,000 level referenced by van de Poppe.