Bitcoin ETFs Experience $54.94M Daily Outflow Amidst Stagnant $69,000 BTC Value

U.S. Bitcoin and Ethereum Spot Exchange-Trade Funds Witness Significant Outflows Amidst Bitcoin's Stand at $69,000

Bitcoin ETFs Experience $54.94M Daily Outflow Amidst Stagnant $69,000 BTC Value

Key Points

U.S. Bitcoin spot exchange-traded funds (ETFs) recorded a significant daily outflow of $54.94 million on Nov. 1. Bitcoin ETFs, including IBIT, GBTC, FBTC, ARKB, and BITB, all reported net outflows.

Bitcoin ETFs Outflow

According to data from SoSoValue, IBIT had a net inflow of $0, with a cumulative net inflow of $26.14 billion. GBTC, on the other hand, exhibited an outflow of $5.51 million, bringing its cumulative net inflow to -$20.16 billion. FBTC, ARKB, and BITB displayed net outflows of $25.64 million, $24.13 million, and $5.64 million, respectively.

However, the Grayscale Bitcoin Mini Trust was an exception, enjoying an inflow of $13.51 million, bringing its cumulative net inflow to $502.07 million. Despite this, the majority of Bitcoin ETFs reported outflows rather than inflows, with the total net inflow of all Bitcoin ETFs amounting to $24.15 billion as of Nov. 1.

Ethereum ETFs Outflow

In comparison, Ethereum ETFs also experienced a negative outflow of $10.93 million on the same day. The only Ethereum ETF to record an outflow was ETHE, with a significant $11.43 million, bringing its cumulative net inflow to -$3.13 billion.

Other Ethereum ETFs including ETHA, ETH, FETH, ETHW, ETHV, and EZET reported no inflow or outflow, standing at $0. QETH, however, reported an inflow of over $502,000, bringing its cumulative net inflow to $25.82 million.

This decrease in inflow coincides with a drop in the overall crypto market cap to $2.32 trillion. The price of Bitcoin dropped to the $69,400 level, while Ethereum decreased to the $2,490 level.

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