Originally published on: November 26, 2024
In a surprising turn of events, spot Bitcoin exchange-traded funds (ETFs) based in the United States witnessed a massive outflow of $438.37 million on November 25. This single-day drop is the most significant since the US presidential election on November 6.
Data from the crypto tracking platform Sosovalue indicates that earlier in November, there were substantial inflows into these ETFs, with a staggering $1 billion in net inflows on November 21. However, the latest figures suggest a change in market sentiment.
Despite this recent outflow, spot Bitcoin ETFs have still maintained a net inflow of $30.4 billion as of November 25, largely driven by institutional interest.
The flows of spot Bitcoin ETFs play a crucial role in affecting liquidity and stability in the BTC and broader crypto market. The recent outflow of $438.37 million is a stark contrast to the positive momentum witnessed after the US election, which saw a surge in BTC prices.
Following the election results, BTC reached a new high of approximately $99,655 on November 22. However, with the sharp outflows on November 25, the price has since fallen to around $92,000, representing a loss of over 7% as profit-taking takes place.
Despite the recent pullback, the total net assets under management for spot Bitcoin ETFs have decreased to around $102.23 billion from its peak of $107.49 billion on November 22. Despite this, institutions still hold over 5% of the crypto market’s capitalization.
According to Sosovalue data, spot Bitcoin ETFs in the US saw a whopping $3.38 billion in net inflows during the week of November 18-22. This marked a 102% increase compared to the previous week’s net inflows of $1.67 billion.
These record-high inflows are the largest weekly amount for spot Bitcoin ETFs and signify the seventh consecutive week of positive flows, where inflows surpassed outflows. BlackRock’s iShares Bitcoin Trust continues to lead the pack with net assets of $47.03 billion and cumulative net inflows of $31.6 billion.
With the crypto market constantly evolving, staying updated on Bitcoin ETFs and market trends is essential for making informed investment decisions. Don’t miss out on the latest crypto news and insights to navigate the crypto landscape successfully. Subscribe now to our newsletter for weekly updates on crypto laws and guidelines to guide your crypto ventures effectively.
