Originally published on: November 15, 2024
The United States-based Bitcoin and Ethereum exchange-traded funds (ETFs) witnessed a significant outflow on Thursday, marking the end of a streak of inflows that began when Donald Trump was elected president on Nov. 5.
According to Farside Investors, a total of $400.7 million flowed out of the 11 Bitcoin ETFs on Nov. 14, with Bitcoin seeing a slight drop of 2% to $88,200 over the last 24 hours.
Among the ETFs, BlackRock’s iShares Bitcoin Trust ETF stood out with $126.5 million in net inflows, while VanEck Bitcoin ETF saw a minor $2.5 million flow. Conversely, Fidelity’s ETF recorded the largest net outflow at $179.2 million, followed by ARK and 21Shares joint ETF at $161.7 million, and Bitwise’s fund at $113.9 million. Grayscale’s ETF and mini ETF also experienced outflows of $74.9 million.
This outflow marks the first time since Trump’s election win that the ETFs have seen such a trend. Trump’s victory initially sparked a massive crypto rally, propelling Bitcoin to peak at nearly $93,500 on Nov. 13, up from around $68,000 on Nov. 5.
The ETFs had last experienced a collective outflow of $116.8 million on election day amidst market uncertainty. However, Trump’s “pro-crypto promises” had led to a boost in the wider financial markets, as well as a surge in Bitcoin ETF inflows.
Additionally, US spot Ethereum ETFs also saw their first net outflow since Trump’s win, with $3.2 million leaving the funds on Nov. 14, according to Farside. This marked the end of an almost $800 million inflow run since Nov. 4 for the ETH funds, which were trading under $3,100 with a nearly 5% drop over the last 24 hours.
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