🌎 US Bitcoin ETFs Record Second-Highest Outflows of $541 Million

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded their second-highest net outflows on Monday, Nov. 4.

According to data provided by Farside Investors, U.S.-based spot Bitcoin ETFs saw a net outflow of $541.1 million. This marks the second-largest outflow since May 1, when outflows reached $563.7 million.

Breakdown of ETF Outflows

Here’s a quick recap of the outflows:

Fidelity’s FBTC and ARK 21Shares’ ARKB recorded outflows of $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 registered $79.8 million, $17.6 million, and $15.3 million in outflows, respectively.
Valkyrie’s BRRR ETF saw $5.7 million in outflows.

Despite the dominating fear, uncertainty, and doubt, the BlackRock BITB fund witnessed a net inflow of $38.4 million. Since its launch in January, BITB has recorded only five days of outflows, with the largest being $36.9 million six months ago.

The dominating bearish sentiment could be attributed to investors’ cautious approach to the U.S. presidential elections, scheduled for today.

As ETF outflows continued for the second consecutive day, Bitcoin dropped 1% in the past 24 hours and is trading at $68,300 at the time of writing.

Ethereum ETF Outflows

According to data from Farside Investors, U.S.-based spot Ethereum ETFs also saw a net outflow of $63.2 million on Monday.

Ethereum experienced a 1.6% fall and is trading just above the $2,400 mark at the reporting time.

The decline of the two leading cryptocurrencies triggered market-wide fear, uncertainty, and doubt (FUD). According to CoinGecko data, the global crypto market capitalization plunged by 2.5% over the past day, reaching $2.38 trillion and wiping $33 billion off the market.