Spot Bitcoin exchange-traded funds (ETFs) in the U.S. saw a significant reversal on November 14, recording $400.6 million in net outflows, bringing an end to a six-day streak of positive inflows that had seen over $4.7 billion added to these funds.
According to data from SoSoValue, the 12 active spot Bitcoin ETFs collectively faced the largest outflows from any single day in recent months. Fidelity’s FBTC led the losses, with $179.16 million exiting the fund, marking its most substantial outflow since May 1, when it saw a $191.1 million outflow. ARK & 21Shares’ ARKB followed closely, losing $161.72 million, while Bitwise’s BITB experienced $113.94 million in outflows, its highest figure since its launch.
Grayscale’s GBTC and Mini Bitcoin Trust also faced declines, with $69.59 million and $5.28 million, respectively, leaving the funds.
Despite these widespread outflows, BlackRock’s IBIT ETF bucked the trend, seeing a remarkable $1.236 billion in net inflows. This marked the continuation of a six-day streak during which IBIT attracted over $3.2 billion, underscoring its dominant position in the market. According to Bloomberg analyst Eric Balchunas, IBIT has amassed over $40 billion in assets under management (AUM) in just 211 days, placing it among the top 1% of all ETFs by AUM and surpassing even the iShares Gold Trust, which holds $33.41 billion.
On the same day, the total trading volume for the 12 Bitcoin ETFs stood at $4.82 billion, a decline from the previous day’s record-breaking volume of $8.07 billion. The dip in ETF activity came as Bitcoin’s price dropped below $87,000, following remarks by Federal Reserve Chair Jerome Powell that signaled no immediate need for interest rate cuts, contributing to the cryptocurrency’s slight dip of 2.8% on the day.
In contrast, the spot Ether ETFs also saw a downturn, with a total of $3.24 million in net outflows. Grayscale’s ETHE faced the largest outflow, shedding $21.9 million. However, BlackRock’s ETHA and VanEck’s QETH partially offset the losses, with net inflows of $18.87 million and $929,000, respectively.
As of now, Ethereum’s price has fallen by 6.2% to $3,067, while Bitcoin traded at $87,971.
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