Bitcoin ETFs See Largest Outflow Since USA Election
26 Nov, 2024 ● Coin news
Net outflows from U.S.-based spot Bitcoin exchange-traded funds (ETFs) surged to $438.37 million on Nov. 25, representing the largest single-day drop since the U.S. election on Nov. 6.
This sharp reversal follows a period of strong inflows earlier in November, including a record-breaking $1 billion in daily net inflows on Nov. 21, according to data from crypto tracking platform Sosovalue.
However, the latest figures indicate a notable shift in market sentiment.
As of Nov. 25, spot Bitcoin ETFs have maintained a cumulative net inflow of $30.4 billion, largely driven by institutional interest. ETFs, particularly spot Bitcoin ETFs, serve as a crucial gateway for institutional and retail investments, influencing both liquidity and stability in the BTC and broader crypto market.
The $438.37 million outflow highlights a significant shift from the optimism seen after Donald Trump’s reelection, which initially fueled positive sentiment in the crypto space.
Following the election results, Bitcoin’s price surged to a new high of approximately $99,655 on Nov. 22.
However, with the sharp outflows on Nov. 25, BTC fell to around $92,000, a drop of over 7% as profit-taking took hold.
The total assets under management (AUM) for spot Bitcoin ETFs have declined to approximately $102.23 billion, down from a peak of $107.49 billion on Nov. 22.
Despite this pullback, ETFs still hold a substantial share of BTC, with institutional investors accounting for over 5% of the cryptocurrency market’s capitalization.
From Nov. 18–22, U.S.-based spot Bitcoin ETFs saw net inflows of $3.38 billion, according to Sosovalue data.
This represents a 102% increase compared to the previous week’s net inflows of $1.67 billion and marks the largest weekly inflow ever recorded for spot Bitcoin ETFs.
It also extends the streak to seven consecutive weeks of positive flows, where inflows exceeded outflows.
Even with the market’s volatile turn as of Nov. 25, BlackRock’s iShares Bitcoin Trust remains the leader in the space, with net assets totaling $47.03 billion and cumulative net inflows of $31.6 billion.
Sources:
https://cointelegraph.com/news/spot-bitcoin-etfs-nov-25-outflow
