BlackRock records largest single-day outflow, but Bitcoin ETFs still post $622 million gains

Key Takeaways

• US spot Bitcoin ETFs break a three-day losing streak with $622 million in net inflows on November 6.
• Despite BlackRock IBIT's largest outflow day, several ETFs, including Fidelity and ARK, led gains with substantial inflows.

US spot Bitcoin ETFs attracted approximately $622 million in net inflows on November 6, ending a three-day losing streak, despite BlackRock’s IBIT experiencing its largest single-day outflow since launch.

According to data from Farside Investors, the world’s largest Bitcoin ETF recorded around $69 million in net outflows yesterday, while Valkyrie’s BRRR saw over $2 million in outflows.

IBIT’s loss came as a surprise given that the fund started strong with over $1 billion in shares traded within the first 20 minutes of market opening. According to Bloomberg ETF analyst Eric Balchunas, IBIT achieved its highest trading-volume day, reaching $4.1 billion.

“For context, that’s more volume than stocks like Berkshire, Netflix, or Visa saw today,” the analyst said . “It was also up 10%, its second best day since launching. Some of this will convert into inflows likely hitting Tue, Wed night.”

However, he previously noted that considerable buying and selling activity did not translate into new investments or capital inflows into the ETF, meaning that high volume can result from both purchases and sales.

Most ETFs traded at double their average volume, marking one of their best trading days since January’s initial launch period, Balchunas stated in a follow-up post.

On Wednesday, Fidelity’s FBTC led the pack with nearly $309 million in net buying, followed by ARK Invest’s ARKB, which took in roughly $127 million.

Major gains were also seen in Grayscale’s BTC and Bitwise’s BITB. The low-cost version of GBTC recorded nearly $109 million in new capital, its second-largest daily inflow since launch.

Meanwhile, the BITB fund logged around $101 million, its best single-day performance since mid-February.

Grayscale’s GBTC reported approximately $31 million in net inflows yesterday, while VanEck’s HODL saw around $17 million.