Market-Wide Fear Drives Second-Largest Outflows from Bitcoin ETFs

U.S. Spot Bitcoin ETFs Witness $541.1 Million Net Outflows Amidst Rising Market Uncertainties

Market-Wide Fear Drives Second-Largest Outflows from Bitcoin ETFs

Key Points

  • Spot Bitcoin ETFs in the U.S. experienced their second-highest net outflows on November 4, totaling $541.1 million.
  • Ethereum ETFs also saw significant outflows, amounting to $63.2 million.
  • Spot Bitcoin ETFs Outflows

    On Monday, November 4, U.S. spot Bitcoin (BTC) exchange-traded funds recorded their second-largest net outflows.
    Data provided by Farside Investors shows a net outflow of $541.1 million.
    This is the second biggest outflow since May 1’s $563.7 million.

    Fidelity’s FBTC and ARK 21Shares’ ARKB saw triple-digit outflows.
    They were worth $169.6 million and $138.3 million, respectively.
    Grayscale funds, GBTC and BTC, had outflows of $89.5 million and $63.7 million, respectively.

    Bitwise’s BITB, Franklin Templeton’s EZBC, and VanEck’s HODL funds also experienced significant outflows.
    These amounted to $79.8 million, $17.6 million, and $15.3 million, respectively.
    Valkyrie’s BRRR ETF had $5.7 million in outflows.

    Bitcoin and Ethereum ETFs Performance

    Despite this, the BlackRock BITB fund saw a net inflow of $38.4 million.
    Since its launch in January, BITB has only had five days of outflows.
    The largest outflow was $36.9 million six months ago.

    Investors’ cautious approach to the U.S. presidential elections might be causing this bearish sentiment.
    Bitcoin dropped 1% in the past 24 hours and is trading at $68,300.

    According to Farside Investors, U.S.-based spot Ethereum (ETH) ETFs also saw a net outflow of $63.2 million on Monday.
    ETH fell 1.6% and is trading just above the $2,400 mark.

    This drop in the two leading cryptocurrencies led to a market-wide fear, uncertainty, and doubt.
    According to CoinGecko data, the global crypto market capitalization fell by 2.5% over the past day.
    This brought it down to $2.38 trillion, wiping $33 billion off the market.

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