Spot Bitcoin ETFs see negative day with $400.6m net outflows

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As a seasoned researcher with a knack for deciphering market trends and a soft spot for cryptocurrencies, I find these recent developments intriguing. The outflows from Bitcoin ETFs on Nov 14, following a six-day inflow streak, are indeed a shift in the tide. However, it’s essential to remember that markets ebb and flow like the tides, and these fluctuations are par for the course.

On November 14th, U.S.-based Bitcoin exchange-traded funds saw a withdrawal of funds, marking the end of a six-day influx period that had accumulated approximately $4.73 billion.

Yesterday, as I checked my crypto portfolio, I noticed that the Bitcoin ETFs I’ve invested in experienced a setback according to SoSoValue’s data. Over the course of Thursday, these 12 ETFs collectively saw net withdrawals amounting to $400.67 million, marking an end to their positive trend over the past six trading days. Interestingly, the largest portion of these outflows was driven by Fidelity’s Bitcoin ETF (FBTC), with a hefty $179.16 million being withdrawn – the highest daily outflow for this ETF since May 1, when it recorded an even higher withdrawal of $191.1 million.

ARK and 21Shares’ ARKB fund nearly matched each other in terms of capital withdrawal, amounting to approximately $161.72 million from the former. Similarly, Bitwise’s BITB fund added to the downward trend, recording its highest outflows since its launch at $113.94 million. Meanwhile, Grayscale’s GBTC and Mini Bitcoin Trust also experienced outflows of $69.59 million and $5.28 million respectively.

Regardless of the losses in Bitcoin ETFs, BlackRock’s IBIT saw an influx of $1.236 billion and experienced a six-day streak where it attracted approximately $3.2 billion.

In less than seven months since its debut, Invesco’s Bitwise Crypto Industry Innovators (IBIT) has managed to accumulate more than $40 billion in assets under management, placing it among the top 1% of all exchange-traded funds by this metric. This impressive feat surpasses every one of the 2,800 ETFs launched over the past decade. At just ten months old, IBIT even outperforms the iShares Gold Trust, its gold ETF counterpart, which manages around $33.41 billion in assets.

On Thursdays, VanEck’s HODL fund received moderate investments totaling $2.5 million, whereas no other ETFs recorded any inflows for the day.

On November 14th, the combined trading volume for all 12 Bitcoin ETFs amounted to $4.82 billion, which was less than the impressive $8.07 billion volume witnessed on the preceding day.

The outflows from Bitcoin ETFs came as Bitcoin’s (BTC) price dropped below $87,000 on Friday. The plunge followed remarks from Federal Reserve Chair Jerome Powell, who stated that there was no urgency to implement interest rate cuts. This downturn left Bitcoin approximately $6,500 shy of its record high of $93,477, reached on Nov. 13.

Ether ETFs log $3.24M in outflows

On November 14th, Ether ETFs, particularly those with a nine-spot label, faced a down day, recording net withdrawals amounting to $3.24 million. This marked the end of their six consecutive days of inflows. Most of these withdrawals were from Grayscale’s ETHE fund, which saw a significant outflow of approximately $21.9 million. Similarly, VanEck’s ETHV also experienced an outflow of around $1.14 million.

On the same day, both BlackRock’s ETHA and VanEck’s QETH experienced inflows, with approximately $18.87 million going into ETHA and nearly a million dollars ($929,010) flowing into QETH, helping to balance some of the outflows observed.

The nine ETFs had a cumulative total net inflow of $238.27 million on Thursday.

currently, Ethereum (ETH) has dropped by 6.2% in the last 24 hours, with a current price of $3,067. Simultaneously, Bitcoin experienced a decrease of 2.8%, trading at $87,971 per coin.

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2024-11-15 10:20