The spot Bitcoin ETF market bled out on November 4 as anticipation of the global macroeconomic uncertainty dampened sentiment
The spot Bitcoin Exchange-Traded Funds (ETFs) in the US recorded the biggest single-day outflows on Monday. These outflows coincide with declining prices for the world’s largest cryptocurrency.
Huge Funds Moves Out of the Bitcoin ETF MarketÂ
According to data from Farside Investors, Fidelity’s spot Bitcoin Fund (FBTC) saw the highest daily outflows, at $169.6 million. Ark Invest’s ARKB came in second place, with $138.3 million.
Grayscale Bitcoin Mini Trust ETF (BTC) and Bitwise Bitcoin ETF (BITB) also contributed largely to the huge single-day outflows. The former recorded outflows of $89.5 million, while the latter saw $79.8 million.Â
Other notable contributors to the outflows include VanEck, Valkyrie, and Franklin Templeton. Meanwhile, Invesco and Wisdom Tree recorded zero net single-day outflows. BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the only ETF product that recorded inflows. Despite massive outflows recorded by other products, it still attracted $38.4 million worth of inflows.
Notably, BlackRock has also had an 11-day consecutive run of daily inflows in the ETF market, suggesting increased institutional interest in the product. Many attribute the fund’s attractiveness to its reduced fees of 0.25%, compared to Grayscale’s GBTC, which stands at 1.5%.
According to data provided by Farside, the Ethereum ETFs also recorded substantial outflows of roughly $63.2 million on Monday. Grayscale’s ETH and Fidelity’s FETH recorded $31.94 million and $31.5 million outflows, respectively.
Current State of the Bitcoin MarketÂ
Bitcoin topped the $73,000 level last week, but the bulls fell short of pulling off a new lifetime peak. The price soon lost much of its gains and is now trading at $68,805, down 0.06% in the last 24 hours. However, the daily trading volume increased by 20.6% to $41.8 billion, suggesting investors’ willingness to accumulate the coin.
Bitcoin is currently 8% away from achieving its all-time high in April. Still, Polymarket bettors believe Bitcoin has a 74% chance of setting a new record high this year. As the year draws closer, market participants anticipate Bitcoin’s next major move.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
