Key Points
- BlackRock’s Bitcoin ETF, BITB, experienced its largest net outflow since inception on November 5.
- Despite ETF outflows, Bitcoin’s price surged to a record high.
On November 5, BlackRock’s Bitcoin exchange-traded fund, BITB, saw a record net outflow since its inception, with $44.2 million exiting the fund.
Since its introduction in January, BITB has only had six days of outflows, with the previous largest single-day outflow being $36.9 million on May 1.
Data on Bitcoin ETFs
Data from Farside Investors indicates that on November 5, the 12 Bitcoin ETFs recorded a net outflow of $116.8 million, marking the third consecutive trading day of outflows. However, these outflows were significantly less than the $541.1 million recorded on November 4, which was the second-largest outflow day for these investment products.
Outflows across the sector were led by Fidelity’s FBTC, which saw $68.2 million withdrawn. Other funds also posted significant outflows, including ARK Invest and 21Shares’ ARKB, Franklin Templeton’s EZBC, VanEck’s HODL, and Valkyrie’s BRRR.
Conversely, Biwise’s BITB was the only Bitcoin ETF to record net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and several other Bitcoin ETFs saw zero flows for the day.
Bitcoin’s Price Surge
Despite the outflows from ETFs, the price of Bitcoin (BTC) increased sharply. Data from CoinGecko shows Bitcoin reaching a record $75,000, potentially in reaction to election news. The cryptocurrency later fell slightly, trading up 8.7% at $74,563.
Bitcoin’s performance has been robust, particularly following its previous all-time high of $73,797 set on March 14. However, it has mostly traded below $70,000 for much of the year.
While Bitcoin ETFs saw significant outflows, U.S.-based spot Ethereum (ETH) ETFs had a quieter day, registering zero net flows on November 5, according to Farside Investors. Ethereum mirrored Bitcoin’s upward price movement, gaining 6.7% to trade just above $2,600.
CoinGecko data shows that the global crypto market capitalization increased by 6.6% over the past day, reaching $2.58 trillion.
