Blackrock and Fidelity lead $635M bitcoin ETF outflow, largest since June

U.S. spot bitcoin ETFs recorded $635.49 million in net outflows on Thursday, the largest single-day redemption since June. The reversal ended a three-session inflow streak that had brought in more than $1 billion, with Blackrock and Fidelity funds leading the selling. Traders watch ETF flows as a proxy for institutional demand, so a swing this sharp signals cooling conviction and near-term pressure on BTC price.