Key Points
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.
