As a seasoned researcher with years of experience observing market trends and fluctuations, I find it fascinating to witness such intriguing dynamics between traditional financial instruments like ETFs and innovative digital assets like Bitcoin and Ethereum.
On November 5th, BlackRock’s Bitcoin spot ETF, BITB, experienced its single largest day of net outflows since its launch, with approximately $44.2 million exiting the fund.
Over the past few months since its debut in January, BlackRock’s BITB product has seen outflows on just six occasions, with the most significant daily outflow amounting to approximately $36.9 million on May 1st.
Based on Farside Investors’ data, Bitcoin ETFs experienced a net withdrawal of approximately $116.8 million on November 5, making it their third consecutive day of withdrawals. This outflow was much smaller than the $541.1 million withdrawn the previous day, which was the second-largest single-day outflow for these investment products.
In the financial industry, it was Fidelity’s FBTC that saw the most significant withdrawals on a given day, amounting to $68.2 million. This was followed by notable outflows from ARK Invest and 21Shares’ ARKB, totaling $12.5 million in redemptions, Franklin Templeton’s EZBC with $6 million, VanEck’s HODL with $3.9 million, and Valkyrie’s BRRR reporting $1.3 million in net outflows. Other funds also experienced substantial withdrawals.
As a crypto investor, I noticed that among all the spot Bitcoin ETFs, it was only Biwise’s BITB that recorded net inflows, with an impressive $19.3 million flowing into the fund on that particular day. On the other hand, Grayscale’s GBTC and several other Bitcoin ETFs didn’t see any activity or flows for the day.
Bitcoin defies ETF outflows, surges to record high
Despite ETF outflows extending for a third day, Bitcoin’s price rose sharply overnight.
According to information from CoinGecko, Bitcoin (BTC) could potentially surge to an extraordinary level of $75,000 as a possible response to the recent news suggesting a resurgence of former President Donald Trump’s popularity in the early voting process.
Initially advancing by 8.7%, the main digital currency briefly held a value of approximately $74,563 before experiencing a small decline during the reporting period.
Bitcoin’s strength has been evident, particularly since reaching an all-time peak of $73,797 on March 14. However, throughout most of the year, its trades have primarily occurred below the $70,000 mark.
On November 5th, U.S.-based Ethereum ETFs saw no change in their holdings, contrary to the notable outflows of Bitcoin ETFs. Despite this, Ethereum (ETH) followed Bitcoin’s price surge, increasing by approximately 6.7% to trade slightly above $2,600. This information comes from Farside Investors’ reports.
Based on information from CoinGecko, the overall value of the cryptocurrency market has risen by approximately 6.6% in the last 24 hours, now standing at around $2.58 trillion.
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2024-11-06 10:02