BTC ETFs recorded second-largest outflows amid market-wide FUD

crypto.news · 2024-11-04T22:55:32+00:00

US-based spot Bitcoin ETFs see second-highest net outflows of $541.1m, likely due to investors' cautious approach to the US presidential election; Ethereum ETFs also saw a net outflow of $63.2m. Market-wide FUD followed, with global crypto market capitalisation dropping 2.5% in one day and wiping $33bn off the market. BTC fell 1% to trade at $68,300, while ETH saw a 1.6% drop to hover just above the $2,400 mark.

crypto.news

2024-11-04 22:55:32

Abstract generation in progress

Spot Bitcoin exchange-traded funds in the U.S. recorded their second-highest net outflows on Monday, Nov. 4.

According to data provided by Farside Investors, the U.S.-based spot Bitcoin (BTC) ETFs saw a net outflow of $541.1 million yesterday. This is the second-largest outflow since May 1’s $563.7 million.

Here’s a quick recap of the outflows:

Fidelity’s FBTC and ARK 21Shares’ ARKB recorded triple-digit outflows, worth $169.6 million and $138.3 million, respectively.
Outflows from both Grayscale funds, GBTC and BTC, were $89.5 million and $63.7 million, respectively
Bitwise’s BITB, Franklin Templeton’s EZBC and VanEck’s HODL funds registered $79.8 million, $17.6 million and $15.3 million in outflows, respectively.
Valkyrie’s BRRR ETF also saw $5.7 million in outflows.

Despite the dominating fear, uncertainty, and doubt, the BlackRock BITB fund witnessed a net inflow of $38.4 million. Since its launch in January, BITB has recorded only five days of outflows, with the largest outflow being $36.9 million six months ago, when the investment products saw their biggest outflows.

The dominating bearish sentiment could be due to the investors’ cautious approach to the U.S. presidential elections—scheduled for today.

As ETF outflows continued for the second consecutive day, Bitcoin dropped 1% in the past 24 hours and is trading at $68,300 at the time of writing.

According to data from Farside Investors, the U.S.-based spot Ethereum (ETH) ETFs also saw a net outflow of $63.2 million on Monday

ETH saw a 1.6% fall and is changing hands just above the $2,400 mark at the reporting time.

The fall of the two leading cryptocurrencies triggered market-wide FUD. According to CoinGecko data, the global crypto market capitalization plunged by 2.5% over the past day, reaching $2.38 trillion—wiping $33 billion off the market.

BTC-1,8%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.