Bitcoin ETFs begin the week with huge outflows.
(Photo by Drew Angerer/Getty Images)
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Key Takeaways
U.S. Bitcoin ETFs command $67.44 billion in BTC, or 5.06% of its market cap.
BlackRock’s BTC and ETH ETFs hold over $33 billion in combined net assets.
BTC ETFs pulled $2.22 billion in net inflows last week.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have begun the week with huge outflows as institutional investors prepare for the U.S. Presidential election.
After taking in $2.2 billion in net inflows last week, BTC ETFs have seen their largest single day of outflows since the beginning of summer.
As per data from SoSoValue, Bitcoin ETFs posted a gigantic $541.07 million in total net outflows on Nov. 4, 2024, marking the largest outflows since May 1, 2024.
Bitcoin ETF flows. Source: SoSoValue
BlackRock’s iShares Bitcoin Trust (IBIT) was the sole gainer for the day, bagging a healthy $38.42 million, bringing the fund’s cumulative net inflows to $26.17 billion and total net assets to $29.33 billion.
The second-best performing fund, Fidelity’s Wise Origin Bitcoin Fund (FBTC), took the biggest hit, shedding $169.6 million in net outflows, dropping its cumulative net inflow to $10.3 billion and net assets to $12.46 billion.
The ARK 21Shares Bitcoin ETF (ARKB) was also hit hard, posting $138.26 million in exits.
The Grayscale Bitcoin Mini Trust recorded $89.49 million in net outflows, closely followed by the Bitwise Bitcoin ETF (BITB), which shed $79.84 million.
No stranger to outflows, the Grayscale Bitcoin Trust (GBTC) shed $63.66 million, bringing its cumulative net outflows to a sore $20.23 billion.
The Franklin Templeton Digital Holdings Trust (EZBC) lost $17.62 million, VanEck’s Bitcoin ETF (HODL) saw $15.28 million in outflows, and finally the Valkyrie Bitcoin Fund (BRRR) dropped $5.74 million from its fund.
Ethereum ETFs
As per SoSoValue, Ethereum ETFs have also seen a sizeable net outflow of $63.22 million on Nov. 4, 2024, marking the largest day of outflows since Sept. 23, 2024.
Ethereum ETF flows. Source: SoSoValue
Joining in the success of its BTC ETF, BlackRock’s iShares Ethereum Trust (ETHA) has avoided the outflow earthquake and bagged a cool $11.01 million in net inflows. As the top-performing fund, ETHA has seen $1.35 billion in cumulative net inflows and commands $1.14 billion in net assets.
After a solid inflow run, Fidelity’s Ethereum Fund (FETH) posted its largest-ever day of outflows, losing $31.5 million from its coffers.
The Grayscale Ethereum Mini Trust saw its first-ever day of outflows, shedding a huge $31.94 million in exits. Though it may not seem like a big number, it essentially erases any gains made since Sept. 25.
Finally, the Grayscale Ethereum Trust (ETHE), a fund yet to see a day of inflows, posted $10.8 million in net outflows, bringing its cumulative net outflow total to $3.14 billion.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
