⚡︎ OVER 3,000 OFFERS CLAIMED! ⚡︎

Spot Bitcoin exchange-traded funds (ETFs) experienced a sharp reversal on November 14, posting a combined net outflow of $400.7 million.

The reversal marks the end of a six-day inflow streak fueled by a bullish rally in the crypto market following Donald Trump’s presidential election victory on November 5.

According to data from SoSo Value, Fidelity’s Bitcoin ETF bore the brunt of the outflows, recording a $179.2 million net withdrawal.

More Funds See Outflows

Other significant outflows included $161.7 million from the ARK and 21Shares joint ETF and $113.9 million from Bitwise’s fund.

Grayscale’s ETF products collectively saw $74.9 million leave the funds.

In contrast, BlackRock’s iShares Bitcoin Trust ETF (IBIT) managed to attract $126.5 million in net inflows, while the VanEck Bitcoin ETF (HODL) reported a modest $2.5 million inflow.

The outflows come after an election-induced rally that propelled Bitcoin’s price by approximately 30%.

This surge was driven by market optimism surrounding Trump’s pro-crypto policies and promises to stimulate economic growth.

The rally had previously resulted in record-breaking inflows, with Bitcoin ETFs amassing $1.37 billion on November 7 alone.

Notably, the Bitcoin price also saw a slight dip on Thursday.

The cryptocurrency dropped by 2% over the past 24 hours, trading at $88,200 after peaking at nearly $93,500 earlier in the week.

Meanwhile, Ethereum ETFs also joined the reversal trend, witnessing a combined $3.2 million net outflow on the same day.

This marks their first outflow since November 4, halting a nearly $800 million inflow streak. Ethereum’s price followed suit, declining by nearly 5% to trade below $3,100.

Grayscale’s Ethereum ETF recorded the largest outflow at $21.9 million, offsetting inflows of $18.9 million into BlackRock’s iShares Ethereum Trust ETF and $900,000 into Invesco’s ETH fund.

Last week, digital asset investment products attracted a robust $1.98 billion, marking the fifth consecutive week of inflows.

The influx brings the year-to-date figure to a record $31.3 billion, according to a recent report from CoinShares.

The surge in investments has pushed the global assets under management to a new peak of $116 billion.

Bitcoin led the charge with inflows totaling $1.8 billion, buoyed by a favorable macroeconomic environment and recent US political shifts.

Crypto Market Cap Soars to $3.2 Trillion

The global cryptocurrency market has reached a record valuation of $3.2 trillion, driven by the recent election of Donald Trump as U.S. president and expectations of more favorable regulations.

The milestone comes as Bitcoin achieved a new all-time high of $93,480, doubling its value this year and increasing by 30% since the U.S. election.

Other cryptocurrencies, including Ether and Dogecoin, have also experienced substantial gains.

The renewed enthusiasm in the crypto market is partly attributed to the election of pro-crypto lawmakers and signals from financial institutions investing through crypto exchange-traded funds.

Despite Bitcoin’s strong performance, some analysts are predicting potential short-term corrections.

Ruslan Lienkha, Chief of Markets at YouHodler, estimates that Bitcoin may experience a dip to the $75,000–$80,000 range before resuming its upward trajectory.

The post Spot Bitcoin ETFs See $401M Outflow, Breaking Six-Day Inflow Streak appeared first on Cryptonews.

Leave a Reply

Your email address will not be published. Required fields are marked *

Responsible Gaming

Gambling can turn into an addiction and that’s why you should always make use of the responsible gambling tools made available to you by online operators to help you stay in control of the time and expenditure you invest in online gaming. By law, online operators licensed by the Gambling Commission of Great Britain must provide you with information about responsible gambling and it is their responsibility to create a legal, fair and reliable environment, where players can enjoy the thrill of an online casino. The Gambling Commission of Great Britain licenses and regulates businesses that offer gambling to persons in Great Britain. Our mission is to provide you with only the best online slots experience and that means only reviewing and recommending sites that are licensed to operate by the Gambling Commission.