Key Points
- US Bitcoin ETFs saw a net outflow of $400.67 million on Nov. 14, ending a 6-day inflow streak.
- Despite this, BlackRock’s IBIT saw net inflows of $1.236 billion, hitting a 6-day inflow streak.
On Nov. 14, a day of outflow was experienced by spot Bitcoin exchange-traded funds in the United States. This marked the end of a six-day inflow streak which had brought over $4.73 billion into the funds.
Details of the Outflows
Data from SoSoValue showed that the 12 spot Bitcoin ETFs recorded net outflows of $400.67 million on Thursday, thus ending their positive run over the previous six trading days. Fidelity’s FBTC led the outflows with $179.16 million, its highest outflow day since May 1, when it recorded $191.1 million in outflows.
ARK and 21Shares’ ARKB followed closely, with $161.72 million exiting the fund. Bitwise’s BITB also contributed to the negative momentum, with record outflows of $113.94 million, its highest since launch day. Grayscale’s GBTC and Mini Bitcoin Trust saw outflows of $69.59 million and $5.28 million, respectively.
BlackRock’s IBIT Sees Inflows
Despite the negative flows experienced by these Bitcoin ETFs, BlackRock’s IBIT recorded net inflows of $1.236 billion, hitting a six-day inflow streak that brought over $3.2 billion into the fund.
According to Bloomberg analyst Eric Balchunas, IBIT has already amassed over $40 billion in assets under management in just 211 days after its launch. This achievement positions IBIT among the top 1% of all exchange-traded funds by AUM, outperforming all 2,800 ETFs introduced over the past decade. At only 10 months old, IBIT has also surpassed the iShares Gold Trust, its gold ETF counterpart, which currently manages approximately $33.41 billion in assets.
VanEck’s HODL saw modest inflows of $2.5 million on Thursday, while the remaining ETFs saw zero flows on the day. The total trading volume for the 12 Bitcoin ETFs stood at $4.82 billion on Nov. 14, lower than the record-breaking $8.07 billion volume seen the previous day.
The outflows from Bitcoin ETFs came as Bitcoin’s (BTC) price dropped below $87,000 on Friday. This 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.
Ethereum ETFs Also See Outflows
The nine spot Ether ETFs also experienced a negative day on Nov. 14, with net outflows of $3.24 million, ending their six-day inflow streak. The majority of outflows came from Grayscale’s ETHE, which saw $21.9 million exit the fund. VanEck’s ETHV saw $1.14 million of outflows.
BlackRock’s ETHA and VanEck’s QETH managed to offset part of the outflows seen on the day, with $18.87 million and $929.01K inflows, respectively. The nine ETFs had a cumulative total net inflow of $238.27 million on Thursday.
At the time of writing, Ethereum (ETH) was down 6.2% over the past day, trading at $3,067, while Bitcoin fell 2.8% on the day, exchanging hands at $87,971 per coin.
