Amidst Broad Market Uncertainty BTC ETFs Witness SecondLargest Outflows
Spot Bitcoin exchange-traded funds (ETFs) in the U.S. experienced their second-highest net outflows on Monday, Nov. 4.
According to data provided by Farside Investors, U.S.-based spot Bitcoin (BTC) ETFs witnessed a net outflow of $541.1 million yesterday. This marks the second-largest outflow since May 1’s $563.7 million.
Here’s a brief summary of the outflows:
Fidelity’s FBTC and ARK 21Shares’ ARKB reported triple-digit outflows, amounting to $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 experienced $5.7 million in outflows.
Related Reading: From hype to reality: what meme coin presales reveal about Trump and Harris
Despite the prevailing fear, uncertainty, and doubt, the BlackRock BITB fund saw 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 experienced their biggest outflows.
The prevailing bearish sentiment could be attributed to investors’ cautious approach to the U.S. presidential elections, which are scheduled for today.
As ETF outflows continued for the second consecutive day, Bitcoin fell 1% over the past 24 hours and is currently trading at $68,300.
According to Farside Investors’ data, U.S.-based spot Ethereum (ETH) ETFs also experienced a net outflow of $63.2 million on Monday.
ETH saw a 1.6% fall and is currently trading just above the $2,400 mark.
The decline of the two leading cryptocurrencies triggered market-wide fear, uncertainty, and doubt (FUD). According to CoinGecko data, the global crypto market capitalization fell by 2.5% over the past day, reaching $2.38 trillion—wiping $33 billion off the market.
Further Reading: As U.S. votes, Bitcoin flirts with $70k — which way will it break?
