Bitcoin ETFs Bleed $541M in Second-Largest Daily Outflow Since Launch

• U.S.-based spot Bitcoin ETFs saw massive outflows on Monday.
• The funds recorded their second-largest daily net outflow since launch in January.
• Bitcoin’s price showed mild volatility amid the development.

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) bled $541 million on Monday to record their largest single-day outflow since May and the second-largest negative flow since their debut on January 11.  

The massive outflow came after the funds logged one of their largest weekly net inflows of $2.2 billion between October 28 and November 1, underscoring the quick shift in investor sentiment amid the keenly watched U.S. presidential election. CoinShares Head of Research James Butterfill attributed the multimillion-dollar weekly inflows to “election euphoria for a Republican win.”

Spot Bitcoin ETFs See $514 Million Outflows

According to SoSoValue data , outflows from spot Bitcoin ETFs rose to $541 million on November 4 from $55 million on Friday despite the funds’ relatively high trading volume of $2.2 billion.

BlackRock’s iShares Bitcoin Trust ETF (IBIT), the world’s largest spot Bitcoin ETF by net assets, was the only fund that turned positive with a net inflow totaling $38.42 million as WisdomTree’s BTCW, and Invesco’s BTCO reported zero flows.

Eight funds seemingly fell out of favor with investors, including Fidelity’s FBTC, which hemorrhaged $169.6 million to log its single-largest daily net outflow since launch.

Ark and 21Shares’ ARKB recorded $138.26 million in outflows, while Bitwise’s BITB, Grayscale’s GBTC, and its Mini Bitcoin Trust witnessed daily outflows of $79.84 million, $63.66 million, and $89.4 million, respectively.

As investors pulled back from spot Bitcoin ETFs, the original cryptocurrency’s price retreated to $66,896 early Tuesday before paring some of the losses to exchange hands at $68,808 at the time of writing, CoinMarketCap data shows.

While Bitcoin has edged up 0.11% overnight, the crypto asset’s weekly loss is about 3.5%, raising concerns about the market’s volatility ahead of the November 5 general election and the upcoming Federal Open Market Committee meeting.

Read how Bitcoin is facing a crossroads:
Bitcoin Faces a Crossroads—Is the Hype Starting to Fade?

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