Originally published on: November 15, 2024
Spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States saw a shift on Thursday as they experienced outflows for the first time since Donald Trump’s election. This marked a significant change from the consistent inflows seen since Nov. 5.
According to data from Farside Investors, Bitcoin ETFs collectively witnessed a net outflow of $400.7 million on Nov. 14. Bitcoin’s value dropped by 2% to $88,200 during this time period. Among the ETFs, only BlackRock’s iShares Bitcoin Trust ETF and VanEck Bitcoin ETF received positive flows totaling $126.5 million and $2.5 million, respectively.
Notably, Fidelity’s ETF recorded the largest net outflow of $179.2 million, followed by ARK’s joint ETF at $161.7 million and Bitwise’s fund at $113.9 million. Both Grayscale’s ETF and mini ETF saw outflows of $74.9 million.
The surge in outflows marked a departure from the bullish trend that followed Trump’s victory, which led to a significant crypto rally. Bitcoin soared from $68,000 to nearly $93,500 by Nov. 13, setting new highs along the way.
Before this recent outflow, the ETFs experienced a joint outflow of $116.8 million on election day. As Trump’s win became apparent, the financial markets responded positively, with the crypto market benefiting from his pro-crypto stance. This resulted in record-breaking inflows for the Bitcoin funds on Nov. 7, totaling $1.37 billion.
On the other hand, US spot Ether ETFs also saw their first net outflow since Trump’s election win, with $3.2 million leaving the funds on Nov. 14. This came after a nearly $800 million inflow run since Nov. 4, when the ETH funds had their last outflow.
BlackRock’s iShares Ethereum Trust ETF received $18.9 million in inflows, while Invesco’s ETH fund had a $900,000 inflow. The Grayscale Ethereum Trust ETF accounted for the majority of outflows at $21.9 million.
Overall, the recent shift in flows indicates a changing landscape for Bitcoin and Ethereum ETFs following the post-election period. Stay tuned for more updates on cryptocurrency market trends and investment opportunities.
