BTC ETFs recorded second-largest outflows amid market-wide FUD

Spot Bitcoin exchange-traded funds in the US recorded their second-highest net outflows on Monday, November 4.

US-based spot Bitcoin (BTC) ETFs saw net outflows of $541.1 million yesterday, according to data provided by Farside Investors. This was the second largest exit since May 1 at $563.7 million.

Here’s a brief summary of the outputs:

Fidelity’s FBTC and ARK 21Shares’ ARKB recorded triple-digit exits valued at $169.6 million and $138.3 million, respectively. Outflows from Grayscale funds GBTC and BTC were $89.5 million and $63.7 million respectively. Bitwise’s BITB, Franklin Templeton’s EZBC, and VanEck’s HODL funds recorded outflows of $79.8 million, $17.6 million, and $15.3 million, respectively. Valkyrie’s BRRR ETF also saw outflows of $5.7 million.

Despite prevailing fear, uncertainty and doubt, BlackRock BITB fund witnessed net inflows of $38.4 million. BITB has recorded just five days of outflow since its launch in January; The biggest outflow was $36.9 million six months ago, when investment products saw the biggest outflow.

The dominant bearish trend may be due to investors’ cautious approach to the US presidential elections scheduled for today.

As ETF outflows continue for the second day in a row, Bitcoin is down 1% in the last 24 hours and is trading at $68,300 at the time of writing.

U.S.-based spot Ethereum (ETH) ETFs also saw net outflows of $63.2 million on Monday, according to data from Farside Investors.

ETH saw a 1.6% decline and is changing hands just above $2,400 at the time of reporting.

The decline of two leading cryptocurrencies triggered market-wide FUD. According to CoinGecko data, global crypto market capitalization decreased by 2.5% last day, reaching $2.38 trillion, and $33 billion was deleted from the market.