Spot Bitcoin ETFs see negative day with $400.6m net outflows

Spot Bitcoin exchange-traded funds in the US had a breakout day on November 14, ending a six-day streak of inflows that brought the funds over $4.73 billion.

According to data from SoSoValue, 12 spot Bitcoin ETFs recorded net outflows of $400.67 million on Thursday, ending their positive run from the previous six trading days. The majority of exits were led by Fidelity’s FBTC, which recorded an outflow of $179.16 million; this was its highest debut day since May 1, when it recorded an outflow of $191.1 million.

ARK and 21Shares’ ARKB followed closely behind with $161.72 million outflow from the fund. Bitwise’s BITB also contributed to the negative momentum with a record outflow of $113.94 million, the highest since launch day. Grayscale’s GBTC and Mini Bitcoin Trust saw outflows of $69.59 million and $5.28 million respectively.

Despite the negative flows experienced by these BTC ETFs, BlackRock’s IBIT recorded net inflows of $1.236 billion, hitting a six-day inflow streak that brought the fund over $3.2 billion in revenue.

According to Bloomberg analyst Eric Balchunas, IBIT has accumulated over $40 billion in assets under management in just 211 days after its launch. This achievement placed IBIT in the top 1% of all exchange-traded funds by AUM, outperforming all 2,800 ETFs introduced in the last decade. IBIT, which is only 10 months old, has also outperformed the gold ETF iShares Gold Trust, which currently manages approximately $33.41 billion in assets.

VanEck’s HODL saw a modest inflow of $2.5 million on Thursday, while the remaining ETFs saw zero inflows on the day.

The total trading volume of the 12 BTC ETFs stood at $4.82 billion on November 14, below the record-breaking $8.07 billion seen the day before.

Outflows from Bitcoin ETFs occurred as the price of Bitcoin (BTC) fell below $87,000 on Friday. The decline came after Fed Chairman Jerome Powell’s statements stating that there was no emergency regarding interest rate cuts. This decline left Bitcoin nearly $6,500 behind the record high of $93,477 reached on November 13.

Ether ETFs record $3.24 million outflow

Nine spot Ether ETFs also had a negative day on November 14, with a net outflow of $3.24 million, ending a six-day streak of inflows. The majority of outflows came from Grayscale’s ETHE, with $21.9 million coming out of the fund. VanEck’s ETHV saw an outflow of $1.14 million.

BlackRock’s ETHA and VanEck’s QETH managed to offset some of the outflows seen during the day, with inflows of $18.87 million and $929.01 thousand respectively.

The cumulative total net inflow of the nine ETFs was $238.27 million on Thursday.

At the time of writing, Ethereum (ETH) is trading at $3,067, down 6.2% over the past day, while Bitcoin is down 2.8% on the day, changing hands at $87,971 per token.