Bitcoin exchange-traded funds (ETFs) in the United States saw a significant shift on November 14, experiencing outflows for the first time in seven days. The 12 spot Bitcoin ETFs recorded a net outflow of $400.67 million, ending a six-day streak that had brought over $4.73 billion into these funds. According to data from SoSoValue, the majority of the outflows were driven by Fidelity’s FBTC, which saw $179.16 million in withdrawals — its largest outflow day since May 1, 2023, when it recorded $191.1 million.
ARK Invest and 21Shares’ ARKB ETF followed closely, with $161.72 million exiting the fund, while Bitwise’s BITB experienced a record $113.94 million in outflows, its largest since its inception. Grayscale’s GBTC and Mini Bitcoin Trust saw smaller outflows, at $69.59 million and $5.28 million, respectively.
Despite the broad negative momentum among Bitcoin ETFs, BlackRock’s IBIT fund stood out, recording a substantial net inflow of $1.236 billion. This boost marked a continuation of IBIT’s six-day inflow streak, bringing its total inflows to over $3.2 billion. According to Bloomberg analyst Eric Balchunas, IBIT has accumulated over $40 billion in assets under management (AUM) in just 211 days, positioning it among the top 1% of all ETFs by AUM. Remarkably, IBIT has outpaced the iShares Gold Trust, its gold ETF counterpart, which currently holds approximately $33.41 billion in AUM.
VanEck’s HODL ETF saw a modest inflow of $2.5 million on the day, while other Bitcoin ETFs saw no significant changes in their flows. The total trading volume for all 12 Bitcoin ETFs amounted to $4.82 billion on November 14, a noticeable decline from the record-breaking $8.07 billion the previous day.
The outflows from Bitcoin ETFs came amid a broader market downturn, with Bitcoin’s price dropping below $87,000 on Friday. This decline followed comments from Federal Reserve Chair Jerome Powell, who stated that there was no immediate need for interest rate cuts, further dampening market sentiment. Bitcoin was about $6,500 below its recent record high of $93,477, reached on November 13.
Ether ETFs Experience Small Outflows Amid Bitcoin’s Struggles
Meanwhile, spot Ether ETFs also faced a negative day on November 14, with a net outflow of $3.24 million, breaking a six-day inflow streak. The majority of these outflows came from Grayscale’s ETHE, which saw $21.9 million exit the fund, while VanEck’s ETHV experienced $1.14 million in outflows. However, BlackRock’s ETHA and VanEck’s QETH helped offset some of the losses, recording $18.87 million and $929,000 in inflows, respectively.
Despite the outflows, the nine spot Ether ETFs had a cumulative net inflow of $238.27 million on the day. At the time of writing, Ethereum was trading at $3,067, down 6.2% over the past 24 hours, while Bitcoin was down 2.8%, trading at $87,971 per coin.
The mixed performance of both Bitcoin and Ether ETFs highlights ongoing volatility in the cryptocurrency market as investors continue to react to both market trends and regulatory factors.
Related Topics:
