The post Spot Bitcoin ETFs see negative day with $400.6m net outflows appeared on BitcoinEthereumNews.com.

Spot Bitcoin exchange-traded funds in the United States experienced an outflow day on Nov. 14, ending their six-day inflow streak that had brought over $4.73 billion into the funds. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded net outflows of $400.67 million on Thursday, ending their positive run over the previous six trading days. The majority of the outflows were led by Fidelity’s FBTC, which logged outflows of $179.16 million—its highest outflow day since May 1, when it recorded $191.1 million in outflows. ARK and 21Shares’ ARKB followed closely, with $161.72 million exiting the fund. Bitwise’s BITB also contributed to the negative momentum, with record outflows of $113.94 million, its 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 and hit a six-day inflow streak that brought over $3.2 billion into the fund. According to Bloomberg analyst Eric Balchunas, IBIT has already amassed over $40 billion in assets under management in just 211 days after its launch. The achievement positions IBIT among the top 1% of all exchange-traded funds by AUM, outperforming all 2,800 ETFs introduced over the past decade. At only 10 months old, IBIT has also surpassed the iShares Gold Trust, its gold ETF counterpart, which currently manages approximately $33.41 billion in assets. VanEck’s HODL saw modest inflows of $2.5 million on Thursday, while the remaining ETFs saw zero flows on the day. The total trading volume for the 12 BTC ETFs stood at $4.82 billion on Nov. 14, lower than the record-breaking $8.07 billion volume seen the previous day. The outflows from Bitcoin ETFs came as Bitcoin’s (BTC) price dropped below $87,000 on Friday. The plunge followed…

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Filed under: News - @ November 15, 2024 7:19 am