Bitcoin ETFs See Massive Daily Outflow As BTC Gets Close To $69,000
Data from SoSoValue shows that the BTC spot ETFs US market recorded a significant daily outflow of $54.94 million on November 1. This drop in Bitcoin ETFs inflow is coming when BTC hovers around $69,000. Ethereum ETFs also recorded a daily outflow of around $10.93 million, a sensible swing toward investor caution across key digital assets.
SoSoValue Reports Significant Outflows for Major Bitcoin ETFs
Data by SoSoValue indicates that some of the most liquid Bitcoin ETFs registered massive net outflows on November 1. For instance, IBIT, one of the key Bitcoin ETFs, had only a zero inflow for the day, retaining its accumulated net inflow at $26.14 billion, while GBTC suffered an outflow of $5.51 million that reduced its accumulated net inflow to -$20.16 billion.
Meanwhile, other ETFs such as FBTC, ARKB and BITB recorded net inflows of $25.64 million, $24.13 million, and $5.64 million respectively.
Grayscale’s Bitcoin Mini Trust Remains with Positive Inflow
While most of the Bitcoin ETFs were in the red, with negative inflows, Grayscale’s BTC Mini Trust bucked the trend. The fund saw an inflow of $13.51 million, taking its cumulative net inflow to $502.07 million as of November 1. That perhaps gives an indication that investors are a little confident in the Grayscale fund amidst the general downtrend in ETF inflows.
Ethereum ETFs Join Outflow Trend with $10.93 Million Out
It is not only Bitcoin ETFs that are bearing the brunt of outflows; Ethereum ETFs also suffered negative flows on November 1, with flows totaling $10.93 million. ETHE had the largest outflow for Ethereum ETFs, posting a decline in inflow value at $11.43 million, bringing its year-to-date net inflows down to -$3.13 billion.
All the remaining Ethereum ETFs, ETHA, ETH, FETH, ETHW, ETHV, and EZET, did not record any net inflow or outflow. QETH was one of the few ETFs which bucked this trend with an inflow of over $502,000 that pushed its total net inflow to $25.82 mln.
Market Context: Bitcoin and Ethereum Prices Remain in Volatile Territory
This wave of outflows in both BTC and Ethereum ETFs comes as the overall cryptocurrency market cap has fallen to about $2.32 trillion. The price of Bitcoin still clings around $69,400, and Ethereum changes hands around the $2,490 level at writing time. These changes emphasize investor caution because of the volatility in the greater crypto market.
