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Significant Outflows Hit Bitcoin ETFs Ahead of U.S. Election

Significant Outflows Hit Bitcoin ETFs Ahead of U.S. Election

CryptodnesCryptodnes2024/11/05 16:00
By:Cryptodnes

In the lead-up to a closely watched election, Bitcoin exchange-traded funds (ETFs) in the U.S. experienced their second-largest outflow on record.

On November 4, the 11 spot Bitcoin ETFs faced a net outflow of $541.1 million, with only BlackRock’s iShares Bitcoin Trust ETF (IBIT) recording positive inflows of $38.4 million. This drop in capital follows only the record outflow of $563.7 million on May 1, when Bitcoin plummeted 10.7% to around $60,000.

Traders have been reducing their Bitcoin positions, resulting in a 4.6% decline over the past week, with Bitcoin trading near $68,000, down 1.7% in the last 24 hours. The Fidelity Wise Origin Bitcoin Fund led the outflows on November 4 with $169.6 million, followed closely by the ARK 21Shares Bitcoin ETF, which lost $138.3 million.

The Grayscale Bitcoin Trust (GBTC) also experienced significant outflows, totaling $63.7 million, while its mini counterpart saw $89.5 million withdrawn.

READ MORE:
Could Ethereum Follow Amazon’s Path to Dominance?

The week concluding on November 1 had previously seen $2.2 billion in net inflows into U.S. Bitcoin funds, despite a minor outflow of nearly $55 million to wrap up the week.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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